Bitcoin Bull Run: BTC Price Can Surge to $34K If This Scenario Playsout
Bitcoin, the king of crypto, has shown an unyielding resilience as it continues to defy market expectations. This report draws upon an in-depth analysis by renowned crypto analyst, Ivan Liljeqvist of Ivan on Tech, who explores the current Bitcoin price trends and their implications on the broader cryptocurrency ecosystem.
Bitcoin’s Invalidation Scenario: A Paradigm Shift?
Ivan discusses the ‘invalidation scenario’ where Bitcoin is currently resisting a price breakdown. Despite the looming possibility of a head and shoulders pattern, which suggests a potential drop to approximately $23,000, Bitcoin seems to be defying this course. It has managed to stay above the breakdown and could invalidate this bearish pattern if it begins to pump above the right shoulder, approximately at $29,000.
“If we go to $29k, then the invalidation scenario kicks in,” Ivan states. The breakout target in this scenario is approximately $34,000, and there’s a strong possibility of a pump up to the resistance area. This area is a significant resistance zone that we are targeting with the breakout if the head and shoulders pattern is invalidated.
On the Cusp of a New Bull Market
The crypto economy is increasingly becoming an alternative to traditional financial systems. Ivan emphasizes the growing trend of investors moving their assets into Ethereum. The largest altcoin has been dubbed as the ‘treasury of the internet’, offering a remarkable 6.8% yield.
Ivan believes that the market is gearing up for a new bull run. While the Bitcoin price has shown a slight increase, and the market seems sideways, he expects a decision on Bitcoin dominance soon. While some believe we still have another leg up in this bear market, the expert argues that we haven’t seen a real Bitcoin-led rally that could restore the market to higher levels.
However, he reminds his viewers that nothing is certain until confirmed, “We never open the champagne before it’s time to open the champagne,” he cautions. If Bitcoin’s dominance begins to drop, for example, to $45k or $44k, it could be a significant signal for the cryptocurrency market.