Incoming Rally For Bitcoin Is Around The Corner

There’s an incoming rally for Bitcoin around the corner and the crypto market is waiting for a fresh recovery, according to the latest reports. Check out the latest news about the issue below.

A crypto strategist who correctly called Bitcoin’s (BTC) 2018 bear market low says a bounce is likely in sight for BTC.

Pseudonymous analyst Smart Contracter said that he expects Bitcoin to rally in the near term before BTC ignites another leg down toward his target below $16,000.

“Five-[wave] down from that range high fakeout now on four-hour [chart], which is a confirmed trend reversal in my eyes. Expecting further decline to bottom of the range after we get a counter-trend bounce over the next few day[s].”

The crypto strategist also said that Bitcoin looks weak on the higher timeframe after BTC bulls failed to sustain last week’s rally.

According to the analyst, the DXY looks bullish on the monthly chart after taking out its diagonal resistance.

“We also got a multi-month DXY ending diagonal breakout on Friday, not good for risk asset bulls. Again, time to start getting defensive, stay safe out there.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,829.

It’s been just revealed that the masa adoption of Bitcoin and the digital assets continues. Check out the latest reports about Nigeria below.

Check out the tweet that has been recently shared:

JUST IN: 🇳🇬 Nigeria to pass bill legalizing #Bitcoin and crypto – Local Newspaper 🙌

— Bitcoin Magazine (@BitcoinMagazine) December 18, 2022

El Salvador as a nation became a sort of Bitcoin “maximalist” through its President a while ago. You probably remember that not too long ago, it’s been revealed that the nation is doubling down on its bet on cryptos even in the midst of a bear market.