Bitcoin (BTC) on the Rise: Is the Bull Market Finally Here?

Bitcoin (BTC), the leading cryptocurrency, had a rough 2022 year. With a value drop of almost 80% from its peak, BTC was heavily impacted by the FTX bankruptcy, the collapse of LUNA, the bankruptcy of crypto companies, the Russia-Ukraine war, and the FED's interest rate increases.

Although Bitcoin had a difficult time, it seems like those days are now behind it. BTC has started a significant uptrend in 2023, leading to a recovery in the industry.

Although there is no horizontal support at the 15,400 dollar level for Bitcoin under normal conditions, a critical trend line has been detected by successful analyst Trader Tardigrade.

When looking at the level where Bitcoin began its upward trend, it is observed that it is a 5.5-year upward trend. BTC starts a bull cycle every time it reacts to this level, and it could experience much bigger upward movements in the future.

While investors outside the crypto sector are currently waiting for a new correction, it is estimated that this correction will not begin before the 30,000 dollar resistance is overcome.

According to some investors, this upward trend is entirely fake. However, this scenario does not seem possible at the moment. The leading cryptocurrency, which is expected to continue its upward trend in the coming period, may increase the volatility in the sector.