Bitcoin: analyst believes BTC bull run might be on way for these 9 reasons $BTC
The $20K breakout represents five things: the 2017 all-time high, the FTX collapse price, the critical order block level, round number support and, lastly, at this level, mining becomes unprofitable.
Also, the 40% short squeeze experienced in January was identical to that seen in the 2021 China mining ban Bitcoin price bottom.According to Edwards, Bitcoin has entered a new regime of upward momentum, confirmed by multiple long-term moving averages, while daily averages are currently curving up. Also, an optimal halving cycle period, where Bitcoin normally bottoms, may have emerged. Like clockwork, Bitcoin has always reached its lowest point 12 to 18 months before every halving.
The Bitcoin cycle drawdown hit typical 80% levels in late 2022, when sentiment was at its worst and market hedging was at its highest on record. Lastly, the crypto market is approaching a macroeconomic regime change. Edwards predicts that 2023 will likely see a Fed rate pause and change of policy.
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