Bitcoin price throughout the weekend remained pretty much consolidated with reduced volatility while the bears maintained their dominance. While the short-term charts appear to be pretty shaky, analysts see a strong bull run imminent in the second half of 2022. This is mainly because a vital indicator which went green during the previous Bitcoin rallies is slowly turning green at the moment.
A popular Bloomberg intelligence strategist, Mike McGlone believes that Star Crypto is set to gain a massive foothold very soon. Additionally, many indicators which earlier showed a bull run indicator are now trading at similar levels. Hence, the chances of it going through similar price action in the coming days are increasing.
The analyst notes that the asset flipped finely from the July lows which is the main reason to predict the upcoming bull run. The analyst also identified the Bart Simpson pattern during the monthly close which usually indicates a strong price action.
Additionally, market price to real value (MVRV) and longer term moving average cross-over signals are showing bullish signals. The analyst also considers the pull multiple signal and believes that the price of BTC is undervalued. Currently, the pull multiple has declined below 0.5 and has entered the green zone, which is considered a strong buy signal.
Collectively, the price of Bitcoin (BTC) appears to be on the verge of a significant breakout. However, the bulls are likely to dominate the rally only if the price is near an important resistance near the $24,400 level. A move above these levels and holding above $25,000 could be a major target for Bitcoin in August 2022.
