Will bitcoin explode?

According to trader Justin Bennett, the main crypto coin is on the verge of a strong growth momentum. The expert is sure that there are already indicators for a trend reversal.

As an example, the analyst cited the Relative Strength Index (RSI), indicating that bitcoin has passed the global downtrend line. In addition, Bennett noted the growth in trading volumes as another positive trend.

However, the analyst warns that the reversal is not over yet, so BTC may stay sideways for some time. After that, the crypto coin should start its way to a new all-time high of $69,000. Currently, the price of bitcoin, according to Coinmarketcap, is about $42,000.

Meanwhile, trader Nicholas Merten expressed the opinion that now the first cryptocurrency is not at all in the bear market, as some market participants believe. According to him, bitcoin is going through a stage of accumulation of volumes.

The expert clarified that each time, against the backdrop of a “bear” market, there was a decrease in the BTC rate by more than 70% from the maximum.

“There is a really interesting technical pattern underway and it is a signal that the bulls are in the lead. Don’t let the sideways consolidation we’re in fool you that this is some kind of bear market. The rally is just around the corner,” said Merten.

He also expressed confidence that after the stage of accumulation of volumes, the main crypto coin will grow. The analyst believes that by the end of 2022, the price of bitcoin can overcome the $200,000 mark, that is, grow by more than 370% from current levels. If this happens, then the capitalization of BTC will be about $4 trillion.

Earlier, Santiment analysts said that address activity on the Tether network fell to the lowest level in the last 24 months. In their opinion, until now, such a trend has preceded the renewal of the historical maximum of the BTC rate.

Does it mean that bitcoin is ready to start the path to a new price record?