Bitcoin price continues to struggle around the $20,000 price range, displaying no impact of the coiling market sentiments ahead of the Ethereum merger. The official process is expected to kick off shortly with the launch of the Bellatrix upgrade. The ETH price is displaying huge strength while ETC & most altcoins are also surging high.
Meanwhile, the BTC price continues to trade within the same predefined ranges, being independent of other external factors.
However, on the brighter side, a major bullish signal has flashed which may enable the price to surge heavily in the coming days. The MACD which remained bearish for nearly a month is due for a bullish crossover that suggests, a notable surge is fast approaching.
Therefore, a well-reclaimed analyst, michael van de poppe michael van de poppe Founder and CEO at eight global Eight Global is led by Michael van de Poppe, the company’s founder, and CEO. He is a cryptocurrency trader who works at the Amsterdam Stock Exchange and is enthusiastic about the role of blockchain in the current financial system. Also, he is an author at Cointelegraph who covers everything about fintech, blockchain, and bitcoin, providing the latest news, prices, and analysis on the future of money.
In the past, he served as a technical analyst at TradingView, where he was responsible for making technical analyses via the platform of TradingView and distributing these through virtual social media, including Twitter and YouTube. He was the writer of CryptoBenelux, writing articles based on technical analysis and market insights, particularly about Bitcoin. EntrepreneurChief Executive OfficerTraderMarket Analyst Followers : 0 View profile suggests 625,000 followers go long instead of shorting the asset.
The analyst says that the altcoins have been gaining notable bullish momentum ahead of the beginning of the Ethereum Merger with the Bellatrix upgrade. However, the narrow trend of the asset has hindered the altcoins to propel high. However, if the star crypto undertakes an upward move, the scenario may be pretty diverse.
So When will the BTC price manifest a bullish divergence?
The BTC price is still stuck up within a huge falling wedge in the higher time frame which suggests a continued consolidation followed by a slight pullback but may certainly not be below $18,000. Further, a rebound may uplift the price after the asset reached the peak of the wedge, resulting in a strong upwards price action.
With a breakout, the Bitcoin (BTC) price may rise not only above $25,000 but in extended bullish action, may also mark its presence above $26,400, somewhere in Q4 2022.
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