According to a chartered market technician, a new uptrend forming isn’t just speculation and hype. The analyst claims while it may not happen “overnight” another leg up and a “strong uptrend period” will soon occur in Bitcoin.
When Will the Next Crypto Bull Market Begin?
Bitcoin has been in a secular bull market for most of its existence. After the asset broke out from its first extended downtrend, it climbed to $20,000.
Along the way, it ignited a strong interest in other crypto assets called altcoins. These altcoins, like Ethereum, Ripple, Litecoin, and many others, exploded in value and reached irrational prices due to retail FOMO.
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The bubble popped, Bitcoin and altcoins collapsed, and the downtrend cycle repeated.
Bitcoin continues to contend with critical resistance above $10,000 and it is keeping the overall crypto market at bay.
However, according to a chartered market technician with over 15 years of experience in classical technical analysis the rally crypto investors are waiting for will soon be here.
A very strong trend period is approaching on #BTCUSD This is a monthly scale price chart so don’t expect miracles overnight, but the long-term trend remains up and can have another leg up. #cryptocurrency #Bitcoin pic.twitter.com/lJTneyCa15
— Aksel Kibar, CMT (@TechCharts) May 15, 2020
Chartered Market Technician Expects Strong Uptrend in Bitcoin Soon
Aksel Kibar, CMT, ex portfolio manager and operator of Tech Charts claims that Bitcoin is ready for a “very strong uptrend period.” This is due to the long-term trend remaining “up,” presenting the possibility of “another leg up.”
Analysts across the crypto space are a dime a dozen, but Kibar isn’t your normal cryptocurrency analyst hiding behind a duck or dog avatar.
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Kibar’s charts are near flawless, with very few indicators used or lines drawn. The analyst focuses only on classical charting techniques and is endorsed by the likes of Peter Brandt – a world-renowned career trader with over 30 years of trading commodities.
The ex portfolio manager rarely charts crypto, but the Bitcoin halving may have caught the analyst’s attention.
The chart shared is of Bitcoin on monthly timeframes, so the analyst warns not to expect “miracles overnight.” But even Kibar can’t deny how bullish Bitcoin price charts are given the asset’s history of success.
Bitcoin‘s halving has long been expected to bet he catalyst that kicks off the next bull market as it has done in the past. Upside targets from global macro economists point to valuations of over $1 million per BTC in the future.
Whether this happens in the next crypto uptrend and leg up that Kibar points to is unknown, but this extended period of bullish price action should be here soon.
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