Trader Evaluates Bitcoin Price Growth Prospects

A practicing trader and founder of the project Crypto Shaman Vadim Shovkun explains the current market situation.

Bitcoin has shown a strong move in line with the latest overview. The price broke out of the range, and the entire cryptocurrency market is showing solid growth.

Prices broke through resistance at $21 800-$22 100, and have successfully consolidated. But this happened on relatively low volume, with no characteristic pattern JOC, which could suggest a false breakout. However, the price retraced to the already breached level, forming the pattern BTC.

Ethereum is also lending strength to the market, having almost doubled from its nadir.

The rally in the leading cryptocurrency, while buoyant, is unlikely to deliver rapid moves after such an impulsive drop from $30 000 to $18 000. Bitcoin is likely to trade in a range for some time, with a prospect of moving higher.

As a reminder, Glassnode pointed to signs of a bottom formation in Bitcoin’s price data, and Grayscale experts allowed the end of the crypto-winter by the end of March 2023.

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