Cryptocurrency analyst Aurelien Ohayon, also known as TAnalyst, recently posted an infographic on Twitter predicting Bitcoin's (BTC) bull run starting soon. The prediction was made by looking at the linear regression of the cryptocurrency. According to the graph, if Bitcoin follows this pattern, it could reach $200,000 sometime in 2024. At press time, Bitcoin was valued at $29,113 with a 24-hour trading volume of $15,975,921,546. It has a circulating supply of 19,364,712 BTC coins and a maximum supply of 21,000,000 coins.

Since April, Bitcoin has shown three month-highs and four month-lows and rose only once above the opening market price on May 5th, reaching $29,460.12. Currently, the cryptocurrency is on an uptrend within the linear regression. If successfully implemented, Resistance 2 and the value of $47.9k could be reached. However, if the resistance at $32.4k is too much for Bitcoin, the cryptocurrency may try to break that resistance multiple times, causing a period of consolidation.

In the past, whenever Bitcoin contracted its Bollinger bands, it expands by sharp drops, suggesting that it could also go down if it is unable to break Resistance 1. If this happens, it may expect to find support at $32.4K. But whether this will happen with the upcoming halving in April 2022 still remains to be seen. Many traders and analysts are keeping a close watch on Bitcoin and its movements, hoping to make profitable investments.



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