In 2023, Bitcoin once again garners attention by surpassing the $109,232 mark. This rise follows historically established cycles, demonstrating sustained bullish momentum.
Bitcoin's Historical Market Cycles
Between 2015 and 2017, Bitcoin steadily increased before reaching its peak. The after correction was abrupt in 2018, yet the market corrected itself in 2019, setting the stage for the next bull run. Another bullish trend was seen between 2019 and 2021, followed by a long drop. Despite the decline in 2022, Bitcoin showcased its ability to resume an upward trend in 2023.
Analyzing the Current Market Trend
Current Bitcoin price action aligns with past cycles, displaying a pattern of rapid surges followed by corrections. The latest breakout above $109K indicates strong buyer interest. Trendlines reveal that Bitcoin respected resistance levels before moving higher. Notably, accumulation occurs during corrections, allowing Bitcoin to establish higher lows.
Division Among Analysts
Despite the sustained bullish momentum, some analysts remain cautious, citing potential resistance at higher levels. However, Bitcoin's price structure suggests continued bullish momentum. Historically, major tops are confirmed after sharp corrections of at least 25%.
Bitcoin continues to display resilience, aligning with historical market cycles. While analysts are divided on future directions, the current momentum supports a long-term bullish market trend.
