Insights Analysis The Bitcoin Bull Market May Have Just Begun

The Bitcoin Bull Market May Have Just Begun

October 30, 2023 Analysis

Bitcoin (BTC) is increasing in value and its price is enjoying an upward trend, after having broken the downward trend prevalent since November of 2021.

Geopolitical complications have played their part in driving Bitcoin upwards, since the world's most popular cryptocurrency is also regarded by many as a safe haven asset in times of uncertainty.

BTC13.1

BTCUSD - 1 Day Time Frame

Looking into the techincal readings, Bitcoin's price currently situates at the top of the highlighted range, having forming an inverse head and shoulders shape which indicates a trend change.

ِWith Christmas approaching - typically a time of turbulence for markets - and the upcoming BTC halving event in April of 2024, Bitcoin's bull market may have effectively only begun.

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