- Crypto Michae, in a recent video, said Bitcoin is nearing a potential bull run.
- The analyst also predicted a pre-halving price of $45,000 for the world’s largest cryptocurrency.
- Alongside overall market recovery, the analyst also said the altcoin bull run is getting closer.
Analyst Crypto Michael, in a recent video, said the world’s largest cryptocurrency network, Bitcoin, is nearing a potential bull run following prolonged bearish performance. According to the video posted on YouTube, the analyst said Bitcoin is showing strength and may be gearing up for an upward trend.
In particular, while referencing previous price action, the analyst said that Bitcoin could rally to a price of $45k before the halving next year. The halving, which would see miners’ reward cut in half, is a significant event for the network.
Historically, the crypto market has always experienced bull runs before and after the market. However, the prevailing market condition has investors wondering whether that would be so.
Data from CoinMarketCap shows that Bitcoin is currently exchanging hands at $26,565, a 1.07% gain in the past 24 hours. So far, the token has managed to recover what it lost during the week to post a 1.16% gain on the weekly price chart.
Meanwhile, Crypto Michael also predicted a possible altcoin bull run, which he says is close by too. Alongside the overall crypto market, major altcoins have posted positive performances after a tumultuous decline earlier in the week.
Ethereum, the second largest crypto by market cap, recorded a 0.63% gain in the past 24 hours. At the present time, the token is trading at $1.628. Additionally, XRP added a 3.12% in the same period.
The crypto market cap has increased by 1.02% in the past 24 hours to sit at $1.05 trillion. However, trade volumes have declined, posting an 8% drop within the same period.