Akash Girimath, a prominent crypto analyst and contributor to FxStreet and FXScrypto, explains the recent performance of Bitcoin price and its rational targets in his latest technical analysis report.
- The price of bitcoin is responding favorably to the optimistic events occurring over the past few weeks. When seen through the prism of Bitcoin’s historical performance in Q4s spanning the last decade, a recent breakout might represent the beginning of a sustained rise up. “The average return in Q4 is 27%, which is the highest after Q2’s 21%,” he stated.
- While past performance cannot be relied upon to foretell the future accurately, if the cycle repeats in 2022, investors may witness an abrupt move to the north over the following two months.
- The $25,000 barrier is a significant turning point for BTC since it marks the middle of the 45% rise that took place between May and June. Indicating a positive revival and driving Bitcoin price to the next major area, extending between $28,000 and $29,000, will need to turn this resistance level into a support floor.
See Related: Bitcoin Price May Rise By 15% If The Key Support Zone Is Held, Crypto Analyst Ali B.
