• Bitcoin analyst George Tung has predicted that the price of bitcoin will surge by 150% in the next three to four months, taking it to a total of $50,000.
• This prediction is based on the similarities that have been observed between 2019 and 2023 in terms of bitcoin’s price movements.
• A break and closure below the 20-day exponential moving average could be an indicator of weakness in the market.
Bitcoin Bulls On Fire: Analyst Predicts Massive Price Pump Before July
Similarities Between 2019 & 2023 Market Conditions
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in the space of only a few short months. Tung believes that 2023 is showing tendencies that are almost the same as those seen in 2019, and he is convinced that Bitcoin will have a large increase before July just as it did in 2019.
The fact that Bitcoin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level. On February 2nd ,the bulls were able to drive the price higher over $24,000 but they were unable to maintain those higher levels. Moving averages that are climbing higher and a relative strength index (RSI) that is in overbought zone both suggest route of least resistance is upwards towards reaching $25k if it moves higher from where its currently trading i.e., at $23400 which might serve as challenging obstacle for further rise. To confirm any bearish pressure breakout lower than 20-day exponential moving average which is now at 22279 can be used first indicator for weakness leading BTC price fall down upto 21480
What Lies Ahead?
As crypto enthusiast what do we make out current market conditions for bitcoin? Will it reach 25K or face some roadblocks along way? For sure there’s no certainty about where BTC stands ahead but analyzing current situation one can come up with predictions considering technical analysis .It seems like bullish domination reigns short term however if breakouts lower than expected level happens then bearish pressure may take control again resulting into more volatility .
To conclude ,Bitcoin looks set for another major pump according to Mr Tung who has predicted same pattern as last year back when BTC went from 3600$ all way till 14000$. As per current bullish dominance trend one should expect BTC rising towards 25K mark however any breakouts lower than 22279 might lead into bearish pressure again causing more volatility .