Bitcoin Bull Run Persists Despite Crash, Analyst Explains Why

Bitcoin Bull Run Persists Despite Crash, Analyst Explains Why

Despite a recent significant downturn in its price, Bitcoin continues to be viewed by some prominent analysts as firmly entrenched within a larger bull market. One such voice is popular chartist Egrag Crypto, who remains confident that the current price action is merely a phase within a recurring pattern, rather than an indication of the bull market’s end. According to Egrag, the cycle that commenced in December 2022 is far from over, and the cryptocurrency is poised for another substantial upward movement before the onset of a genuine bear market phase. Bitcoin’s Resilience Above Key Support Levels Egrag Crypto has meticulously outlined a discernible pattern that Bitcoin has adhered to since late 2022. This cyclical behavior typically involves an initial powerful price surge, followed by a retesting of crucial support levels. Subsequently, the price often bounces back, undergoes a minor correction, and then establishes a new local high. This repeatable sequence provides a framework for…