In the last few weeks, it has been made evident that the Bitcoin bulls are aiming to seize complete control of the market; nevertheless, we have not yet seen a particularly significant pump, and industry professionals continue to compare the year’s performance to that of 2019.

150% Pump Before July?

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 the king cryptocurrency will have a large increase before July, just as it did in 2019.

Bullish Dominance 

As for Bitcoin, the fact that the king coin 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 2, 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 the overbought zone both suggest that the route of least resistance is upwards. The price of bitcoin may reach $25,000 if it moves higher from where it is now trading, which is $23,400. It is quite probable that this level will serve as a challenging obstacle.

A break and closure below the 20-day exponential moving average, which is now at $22,279, would be the first indicator of weakness in the market. This might cause the stops of a number of short-term traders to be triggered, which would result in the token falling to $21,480.

As a crypto enthusiast, what do you make of the current market conditions for Bitcoin? Will it reach $25,000 as predicted, or will it face some roadblocks along the way?

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• Source: https://coinpedia.org/bitcoin/bitcoin-bulls-on-fire-analyst-predicts-massive-price-pump-before-july/