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Bitcoin (BTC): A sufficient rebound to trigger a bull market?

Wed 21 Jun 2023 ▪ 4 min of reading ▪ by Luc Jose A.
Getting informed Invest

Like any major price movement of a cryptocurrency, the rebound of Bitcoin (BTC) observed over the past week has attracted the attention of analysts. While some experts were quick to predict a bullish trend for the queen of cryptos after this rebound, others believe that it will take even more for a true bull market to unfold. This is the case for trader Tone Vays, who scrutinized the movements of the flagship cryptocurrency and predicted different scenarios leading to a bullish trend for Bitcoin (BTC).

A Bitcoin token

An ongoing bearish trend despite the rebound

Did the rebound of Bitcoin observed last weekend indicate the end of the bear market for the queen of cryptocurrencies? Apparently not, according to Tone Vays. The trader, who enjoys a great reputation, shared his analysis with his 123,000 subscribers on YouTube during a live broadcast. According to him, the bearish trend will continue despite this significant upward movement.

He says, “Yes, it’s a nice rally, but this nice rally does not equate to a bullish weekly chart. It’s simply not very bullish… The price still appears to be in a bearish posture even with this rally, and the same goes for the daily chart. That’s fine.”

More is needed to trigger a bullish trend

According to Tone Vays, it will take much more than a Bitcoin rebound for the bull market to begin taking shape. He declares, “It’s a nice rally, but it hasn’t done anything from a technical analysis standpoint other than bouncing off the $25,000 support. It hasn’t shown any bullish signs yet, and we need to surpass $27,000 to demonstrate that.”

According to Tone Vays, larger upward movements must occur before the bull market starts to form. “It has rallied to the resistance, so let’s see if it can break through the two moving averages. It needs to break through the two moving averages. It needs to get out of this channel,” he stated.

He adds, “Bitcoin (BTC) really needs to surpass $27,000 for me to take the bullish case seriously. In fact, it may even need to break the previous swing high of $28,000 for me to truly consider the Bitcoin (BTC) bull market.”

At the time of writing this article, Bitcoin (BTC) has a value of $26,524. The queen of cryptocurrencies has experienced a decrease of 0.58% in the last 24 hours. Many analysts believe that the bearish trend is coming to an end. Among them is economist Alex Krüger, who has predicted a bullish cycle for Bitcoin (BTC) in the coming weeks.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.