Trader and Chief Executive Officer of algorithmic crypto trading firm XOR Strategy Aurelie Ohayon tweeted that the Bitcoin bull run had begun. In the tweet below, he illustrates how each exponential rise of Bitcoin was followed up by a correction. Moreover, he predicts that another exponential rise for BTC was impending after the correction phase.
#BITCOIN BULL RUN BEGINS. pic.twitter.com/PojW3Np4Mq
— TAnalyst (@AurelienOhayon) January 19, 2023
Meanwhile BTC has been comprehensively dominated by the bulls since the market opened for trading. Just hours into the first day of the week, BTC rose from its opening price of $18.85K to $21K. However, the resistance level at $21.2K has proved to be quite a tough hurdle to cross, since BTC could not retain its position above $21.2K despite breaking it on numerous occasions.
As per Ohayon’s opinion, BTC has lost some momentum as it’s in the correction phase. Hence, BTC is currently priced at $20,962 with an increase of 0.61% in the last 24 hours.
After a frolicking bull run that took BTC to new heights, currently, BTC is consolidating and moving sideways, as shown below. The bears seem to have contended with the bulls over the market. The RSI is positioned at 54.41, indicating that the sideways movement trend is well set. Moreover, the contracting Bollinger bands second the RSI indication, predicting less volatility and more horizontal movement. But, the RSI is tilting down into the oversold region, hence BTC may plunge.
BTC/USDT 4-hour Trading Chart (Source: TradingView)
As BTC is neither in the oversold nor in the overbought region, it could move either way.
If the bulls keep pushing BTC, it would be targeting hitting resistance 1. However, the question lies as to how soon BTC will hit resistance 1. If the bulls dominate the market, BTC could traverse another exponential movement and reach this target in no time. But if the bears tussle with the bulls, it may take time.
Hence, traders should give going short a second thought about when they sell their asset, to not miss out on a lucrative profit, if the bull run is on. If the bears are to take over, BTC could tank to support 1. The bears could have the traders holding a long position with thoughts of going short to cut down losses.
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