David – Crypto Speculator
According to a tweet from Stockmoney Lizards, Bitcoin price is now in a bullish market cycle
The daily trading volume of the market leader has decreased by 5% during the last 24 hours
A tweet sent this morning by Stockmoney Lizards (StockmoneyL) on Twitter demonstrates that the market leader is in a stage of its market cycle that often heralds a bull run.
The chart above shows that BTC is presently in its fourth cycle, which historically has been an entry point into a bull market. Being a 5-day chart, this does not imply that the bull market will start anytime soon, of course.
If BTC breaks out of the cycle shown on the chart, a significant bull run might be in store. In the event that this occurs, it is expected that the price of BTC will move into a channel with a modest upward slope. The fact that the global financial markets are now experiencing a recession is the sole reason why BTC will not go into a steeper price channel. On the other side, if BTC does not exit its current cycle, it will consolidate between $16,200 and $17,500 at its present level until the next Bull Run.
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