Bitcoin (BTC)’s price consolidation phase is getting longer as one more week of consolidation follows each weekend after the market crash. The top cryptocurrency has been moving in the $30,000 to $40,000 price range for almost two months. Cryptocurrency analyst CrediBull Crypto suggests that while the bearish trend continues to dominate the market, the bull run is not over yet. The analyst predicts that Bitcoin will reach an all-time low in market dominance before the bull run.
CrediBull Crypto: Bitcoin bull run is not over yet
Bitcoin market dominance is currently at 45.1% and has dropped to its annual low of 39% in May. Earlier, popular analyst CrediBull Crypto said that if Bitcoin dominance drops below 30%, people should start taking their profits. In other words, the analyst emphasizes that this event will signal the end of the bull run.
The last May second-week sales, which wiped out nearly a trillion from the cryptocurrency markets, was the lowest of dominance. At the end of the 2017 bull run, the dominance fell below 35, which triggered the sell-off. According to Analisdollarser, it will have to fall further this time to trigger another sell-off and end the bull run.
BTC struggles to break its price range
Bitcoin price has been consolidating below $35,000 for most of the past two months and occasionally tests the $40,000 resistance a few times. This week, BTC started with a significant breakthrough above the $35,000 resistance and reached almost $36,000. But as in many previous cases, it failed to consolidate the above support. Bitcoin price fell below another important support from $33,000 yesterday and is currently trading at $33,800.
The top cryptocurrency needs to sustain the next $30,000 on-chain support to avoid a sell-off. Many analysts believe that Bitcoin is currently in a market phase similar to that seen in mid-2017 just before the start of the last bull run. On-chain data, however, shows that the Permanent Funding Rate has been consistently negative since mid-May and buyers are somewhat hesitant to stick with the top cryptocurrency for the long haul.
Mike McGlone: We will see another price increase in the second half of 2021
Mike McGlone, chief commodity strategist at Bloomberg, predicts that the bull season will start again and we will see another price increase in the second half of 2021. Mike McGlone adds the following to his comments on the subject:
What Bitcoin brings: around $100,000, crude oil -$50- stable trends: Bitcoin is ready to continue its bull market and crude oil is showing a bearish trend in the second half and we think this will have serious macro consequences The benchmark cryptocurrency represents rapidly evolving technology and deflation.
Bloomberg analyst Mike McGlone stated and knew that Bitcoin will see $10,000 in early 2020. Mike McGlone gave the good news of 12 thousand dollars when the Bitcoin price was at the level of 9 thousand dollars in the past months and he knew this. Apart from these, the analyst also has other successful predictions. In early January, the analyst said that BTC will hit $50,000 in 2021, and this level was seen on Binance in mid-February.