Bitcoin Bulls on Fire: Analyst Predicts 150% Price Pump Before July

5. Februar 2023

• George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000.
• The fact that the king coin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level.
• On February 2, the bulls were able to drive the price higher, over $24,000; however they were unable to maintain those higher levels.

Bitcoin Bulls On Fire

Bitcoin is showing tendencies similar to those seen in 2019 with analyst George Tung predicting a 150% price increase before July.

Signs Of Bullish Dominance

The fact that Bitcoin was able to recover after hitting its support level at $22,800 suggests that bulls are buying declines. The price rose over $24,000 but then fell back down again indicating further resistance ahead.

Technical Indicators

Moving averages are climbing higher and RSI is in an overbought zone which suggest an upwards trend for Bitcoin. If it moves higher from its current trading position at $23400 it could reach a new all-time high of $25000. However if it closes below its 20-day exponential moving average at $22279 then it may indicate weakness and fall back down to around $21480.

What Does This Mean?

Crypto enthusiasts must weigh up whether Bitcoin will reach its predicted goal of reaching $25000 or face roadblocks along the way. Further market developments will be needed before any solid conclusions can be made as to Bitcoin’s future performance.