- CryptoCon claimed that the “golden 7” has arrived, which could trigger BTC’s bull run.
- Currently, BTC is trading beyond the $30,000 level after facing a fall of 1.98% in seven days.
- Similar price movement behaviors show that BTC could experience a spike soon.
A Bitcoin analyst under the pseudonym CryptoCon claimed that the “golden 7” has arrived. During the analysis, CryptoCon used the TD Sequential technical analysis indicator on BTC’s monthly chart and noticed that the seventh setup phase (Golden 7) has been completed in 2023. The crypto analyst pointed out that whenever the seventh setup phase was formed, the eighth and ninth setup phases formed resulting in BTC’s bull run.
Moreover, CryptoCon mentioned that one of the reasons why BTC failed to have a bull run in 2019 is due to the lack of “Golden 7” completion. Since BTC’s monthly candlesticks recently formed a seventh setup, there is a chance that the bull run could start soon.
Currently, BTC is trading beyond the $30,000 level after facing a fall of 1.98% in seven days. The cryptocurrency leader fell into the red zone after being priced at $30,033.26. At the time of writing, BTC’s market cap fell by 0.93% to $583,650,198,822.
Looking at the charts, BTC is moving sideways as the candlesticks are currently trading near the middle line of the Bollinger Bands. Moreover, the upper and lower bands are positioned horizontally, which further confirms the hypothesis that the candlesticks could move sideways for some time.
However, it should be noted that BTC’s current position was due to a huge spike observed earlier. This massive spike helped BTC reach $30,000 from $25,000, and immense buying pressure could have been one of the reasons.
In BTC’s case, a sideways movement was followed by a major spike. This pattern was observed twice and there is a chance that many optimistic traders speculate that BTC could reach the $35,000 level after trading sideways for some time. However, traders need to wait for confirmation regarding the market trend as the candlesticks may also fall corresponding to the overbought spike event.
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