After consecutive bullish trading sessions, the BTC market has slowed down and is tumbling near critical resistance levels as the digital asset slightly reverses the price chart. This shift in price momentum can be caused by various factors, including early profit-booking by investors and the market’s bearish sentiment brought about by Genesis’ bankruptcy filing.
However, this short-term setback in the Bitcoin price chart is not letting investors move away, as many believe that the market’s bullish sentiment will remain intact in February and that the current dip is a normal part of the market’s volatility.
Is Bitcoin Price On The Verge Of A Boom?
The crypto market is currently heating up and has been buzzing with excitement as the market takes a new turn in the price chart. However, analysts believe that the current price bottom may signify a rebound and renewed growth, leading to speculation of another bull run.
According to on-chain analyst firm CryptoQuant, the MVRV ratio of Bitcoin is promising a bullish trend ahead as it trades at 1.14. The firm noted that a value above 3.7 marks price tops in the BTC price chart, and a value below 1 signifies bottoms for BTC. However, the recent metric indicates that BTC has enough room to lead significant growth in February and can spark bullish hopes among investors.
BTC Price Is Due For A Bearish Shockwave
Despite Bitcoin’s overwhelming bullish sessions in the last three weeks, experts are now warning that the party may soon head toward an end with a solid bearish shockwave. waiting on the verge of the BTC price graph.
A well-known BTC trader, Profit Blue, predicts a freefall for Bitcoin’s price. The analyst predicted that the BTC price might turn bearish after rejecting from the level of $22.7K. According to him, Bitcoin may quickly fly below the level of $20K and form a support level if it again faces rejection at $23K.
Regarding Bitcoin’s recent price trend, Michael Van De Poppe, CEO, and Founder of Eight Global said,
“Patiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K. In between, I don’t see much of an interesting set-up.”
