Ever since the genesis of Bitcoin, which was a result of the financial crisis of 2008–09, it has never left any stone unturned to surprise the world. In the past few days, the token has faced huge turmoil and landed below $39,000. Amid speculations of a continued descending trend, the BTC price triggered a strong rebound and is now heading towards the pivotal level at $43,000. However, the token needs to surpass some important levels, which may only validate a rise beyond the bearish influence.
Bitcoin is currently bouncing from the double trendline support confluence, which was seen in the first few days of 2023. The rebound that was triggered then caused a 180% rise in the price until the end of the year, and hence a similar pattern could lift the price toward new highs. Regardless of the minor pullbacks in the short term, the long-term price action remains bullish, with the new ATH to be above $100K.
Considering the historical price action, the BTC price has always consolidated before starting a bull run.
The above chart indicates that the BTC price is still in the middle of the recovery phase. The token has displayed a similar price action in the past, and hence the prevailing consolation may continue for some more months. Beyond this, a bullish breakout could push the price above the current highs, close to $70,000 and begin with a fresh bull run towards a new ATH in late 2024 or early 2025.
A popular analyst, Michael van de Poppe, believes the impact of the spot Bitcoin ETF launch may be witnessed in the next few years. With this, the BTC price may even go as high as $300K or even $500K. Until then, the Bitcoin price may continue to consolidate between $37,000 and $48,000 for the coming months, while the altcoins will have their time.