Key Takeaways
- Federal Reserve Interest rate and FOMC meeting could be key price catalysts for Bitcoin and the crypto market.
- Crypto analysts insist Bitcoin price has not topped out based on monthly charts and previous price action after the US elections.
- Bitcoin’s price trades above the 50-day and 200-day EMAs on a higher timeframe, which is a key factor for bulls and sustained market uptrend.
Bitcoin (BTC) briefly dipped towards $100,000, bouncing off that region as it traded above $102,000. It has been forming a range-bound price movement for days now, as the price action of Bitcoin and altcoins requires careful consideration before traders and investors open a long or short-order position.
This current price action demonstrated by Bitcoin (BTC) since dropping from its all-time high of $109,000 prior to Donald Trump’s Inauguration has sparked discussion if the current crypto bull market could be over, considering many altcoins haven’t moved as expected compared to past bull cycles when altcoins outperformed Bitcoin.
While this discussion unfolds, many crypto analysts have pulled up past historical data and charts to speculate that the current market uptrend for Bitcoin (BTC) and altcoins is still in place, with the expectation that the current market price action will become the biggest bull cycle ever witnessed.
Bitcoin Bull Cycle Is Not Over
Crypto analyst Dubzyxbt on X said, “There are 257 days until the top of the Bitcoin Bull Market.” He used previous Bitcoin price actions of over 1,065 days on the month chart to speculate how previous cycles of 2017 and 2021 saw Bitcoin rally to such a high. He doesn’t expect an exemption in this case, as the price could trade above $190,000 before the end of the year.
Crypto Rover, an OG of the crypto space, has also compared past US presidents and Bitcoin’s performance after its Inaugural ceremony. The crypto influencer believes Bitcoin’s price has the potential to push towards a high of $165,000 before we can expect the market to top out.
While Bitcoin’s (BTC) current price action worries many, key events ahead of the month, such as the US Federal Reserve Interest rate, could affect the crypto market. Crypto traders and investors will be looking at the outcome of the meeting ahead of the Federal Open Market Committee (FOMC) statement that will follow shortly.
Bitcoin Price Analysis – $109,000 or $90,000
Source – Bitcoin (BTC) On-chain Data From Santiment
While Bitcoin price continues to move in range, volume, active addresses, and price haven’t performed below par compared to altcoins, whose volume and active addresses have dropped significantly over the past few weeks.
With Bitcoin volume and active addresses still looking decent over the past few days, this suggests strong optimism that the current market trend for Bitcoin is for a short time and that the price could build more price momentum to trend higher in the coming weeks or months.
Source – 1D Bitcoin Price Chart From TradingView
The price of Bitcoin (BTC) on a higher timeframe remains bullish as it holds off bears from pushing its price towards a low of $90,000. Bitcoin (BTC) currently trades above its 50-day and 200-day EMAs (Exponential Moving Averages), which act as support for Bitcoin’s price.
If Bitcoin’s price falls below its 50-day EMA, we could see it trade towards the $90,000 support region, where bulls would be looking to buy into the price for a more uptrend move. BTC bulls need to protect the price from falling below $100,000; otherwise, BTC could trade into its key support of $90,000, which could have more downside effects on altcoins.
