Bitcoin Shows Signs of Recovery, Analyst Predicts BTC Bull Run Soon

The cryptocurrency market is flashing red as the majority of currencies are trading down. Bitcoin, the world’s first cryptocurrency, is slightly in the green, trading above $16,700. Ethereum, the second-largest cryptocurrency by market cap, is in the red. 

At the time of publication, Bitcoin is selling at $16,735, with a 0.03% gain in the last 24 hours. Ethereum has a 0.10% loss, with a trade of $1,1215.

A Bullish Ride For Bitcoin Soon

Caleb Franzen, a senior market analyst, and renowned crypto analyst have claimed on Twitter that Bitcoin is set to experience a bull run soon. In a chart shared by Franzen, the flagship currency has successfully moved past its support line of $16,686.

However, Franzen also mentioned in a Twitter thread that he had made a similar prediction for Ethereum in December 2022, but it faced rejection at the specified level and plummeted by nearly 13.5%.

Nevertheless, after the leading altcoin fell from $1,277 to hit $1,168 on December 17, 2022, it recovered to $1,219 three days later. On the bearish end, on December 23, 2022, Franzen claimed on Twitter that Bitcoin was likely to drop to $13,400 or even hit the $11,900 range, supported by a chart.

It’s important to note that after Bitcoin reached an all-time high of $18,000 in December 2017, it dropped to nearly $13,400. However, the analyst also notes that all of his targets are just predictions and there is no guarantee that they will be met.

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