Bitcoin Needs to Break $58,000 to Resume Bull Run, Says Analyst

IconCryptoNewsTerminal Staff10 Jul, 2024

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Bitcoin Needs to Break $58,000 to Resume Bull Run, Says Analyst

Bitcoin's price has been consolidating for months now and is currently sitting at around $47,000. Many analysts are wondering when the next bull run will start, and one pseudonymous analyst, Altcoin Sherpa, believes that Bitcoin needs to break $58,000 to resume its uptrend. "The $58,000 zone is the 200-day exponential moving average (EMA), which is a key level that needs to be flipped," he said. If Bitcoin can reclaim $58,000, it could be a sign that the bull run is resuming and the price could start to climb higher. However, if Bitcoin fails to break $58,000, it could be a sign that the bear market is still in play and the price could continue to fall. Only time will tell what will happen, but Altcoin Sherpa's analysis is worth considering for anyone who is interested in trading Bitcoin.

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