Bitcoin Traders Predict 2023 Bull Market as BTC Prepares for Upside Surg

Bitcoin is showing classic signs of gearing up for its next bull run, as highlighted by well-known traders Moustache and Titan of Crypto. Analyzing key trend lines, they predict an impending bullish surge for the leading cryptocurrency. Titan of Crypto pointed out that Bitcoin's price action is closely mirroring previous BTC price cycles. Drawing attention to the 21-week simple moving average (SMA), which is currently at $27,900 according to Cointelegraph Markets Pro and TradingView, he emphasized that once this upward-sloping trend line surpasses the immediate spot price range, an extended period of upside momentum usually follows. Traders affectionately call this trend line the "bull market line," and Titan of Crypto referred to this occurrence as a "bull market kick off." He suggested that the weekly 21 MA crossing over BTC market structure would signify the beginning of the bull market, advising traders to be prepared for the potential surge. Comparing historical data, Titan of Crypto pointed out that Bitcoin's last 21-week SMA crossover occurred four years ago, in early 2019, which coincided with the local high around $14,000 during that cycle. Another significant trend line, the 20-month SMA, has also caught the attention of traders, including Moustache. According to Moustache, a monthly candle close above the 20-month SMA has consistently heralded the start of every previous Bitcoin bull market. After this crossover, each subsequent candle also closed above it until the cycle's peak. An exception occurred during the brief market downturn caused by the COVID-19 cross-market crash in March 2020. Moustache commented that remaining bearish while Bitcoin holds above the monthly 20 SMA-line is difficult since, historically, once Bitcoin closes above it, it has never fallen below it again until the cycle's top. This pattern was observed during the 2016-2018 and 2019-2021 cycles. The 20-month SMA currently stands at $28,585. As the market continues to evolve, traders are closely monitoring these key trend lines for potential signals of the next Bitcoin bull market. They are also keeping an eye on downside support, particularly the 200-week SMA, as well as various daily and weekly trend lines, which have acted as significant support levels during the recent bear market. The anticipation of a bullish surge in Bitcoin's price has traders excited and hopeful for the start of the next major bull market cycle, with historical patterns serving as valuable indicators for their predictions.