• George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin will skyrocket by 150% in the next three to four months.
• Bitcoin bulls are aiming to seize control of the market; however, we have not yet seen a particularly significant pump compared to 2019.
• Moving averages, RSI and other indicators suggest that the route of least resistance is upwards for Bitcoin’s price.
Bitcoin Bulls Are On Fire
The last few weeks have shown that Bitcoin bulls are aiming for complete control of the market. Despite this, we have not yet seen a particularly significant pump as compared to 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 within only a few short months.
George Tung, an expert in cryptocurrencies and a popular YouTuber, believes that 2023 is showing tendencies similar as those seen in 2019 – and predicts that before July this year there will be a huge increase of up to 150% for Bitcoin’s total value reaching $50,000.
After hitting the $22,800 support level on February 1st it became evident that bulls are buying declines at this level; pushing the price higher back over $24,000 on February 2nd. Moving averages climbing higher and an RSI in the overbought zone both hint at an upwards trend for Bitcoin’s price – with some predicting it could reach even up to $25K if momentum holds steady.
If Bitcoin fails to maintain its current momentum then traders may see their stops being triggered causing it fall back down near $21K – or even lower depending on how much selling occurs if falls below the 20-day exponential moving average which is currently at $22,279.
Only time will tell what will happen with Bitcoin prices going forward – but bullish indicators such as moving averages and RSI suggests that there could be big gains ahead for crypto enthusiasts if all goes according to plan.