Excitement Floods Crypto Space: Bitcoin Bull Market Is Confirmed

It has been just revealed that a new Bitcoin bull market is confirmed. Check out the latest reports about the exciting news below.

An expert trader who accurately predicted the 2018 bear market bottom for Bitcoin (BTC) believes that the crypto king has now entered bull territory.

Going by the name Bluntz on social media platform X, this analyst has informed his 225,000 followers that BTC’s recent surge has invalidated his bearish view that the currency could decline to below $24,000 before reversing its downward trend.

Bluntz asserts that Bitcoin’s move above $27,000 indicates that BTC is now in a bull market. “BTC breaking higher, invalidating this triangle structure. I think it’s time to get rid of any [bearish] bias.”

Currently, Bitcoin is trading at $27,487.

The crypto strategist is currently closely monitoring Avalanche (AVAX), a competitor to Ethereum (ETH). According to their analysis, AVAX has the potential to trigger significant rallies after experiencing a bullish market structure and losing over 50% of its value this year.

The strategist notes that AVAX has formed a beautiful weekly pattern, sweeping major lows and exhibiting a weekly engulfing pattern.

Additionally, they believe that AVAX has been severely impacted this year and has the potential to move much higher. As of writing this, AVAX is priced at $9.31.

The strategist also mentions that several crypto assets have produced a bullish engulfing candle last week, which traders see as a potential signal that an asset may reverse its downtrend.

In summary, the strategist sees a promising outlook for the market so far, with many assets showing solid weekly engulfing across the board.

DonAlt, the pseudonymous used by an important analyst, has informed the TechnicalRoundup YouTube channel’s 53,000 subscribers that Bitcoin could experience a minor surge if a spot BTC exchange-traded fund (ETF) is permitted in the United States.

According to DonAlt, if the ETF were to be approved, it could result in a significant increase in BTC value, possibly by 10% to 20%.

However, there may also be interesting consequences following this. Check out our previous article in order to learn more details about this.