The crypto markets failed to react positively to the release of the fresh CPI rates, which were as expected. The rates have dropped to 3%, which is very positive for the crypto markets, especially Bitcoin. However, the price continues to trade within a narrow trend after undergoing a correction after the CPI rates were announced. Besides, the rounds of the US government selling Silk Road Bitcoins have also created a sense of fear among the market participants.
Regardless of the prevailing conditions and the trade setup, the Bitcoin price continues to flash bullish signals, unveiling the possibility of surging beyond $40,000 in the near future.
The Bitcoin price has maintained a huge upswing in the long term and is pretty far enough from the retrace point or the interim lows. The bulls, who have managed to hold the price above $30,000, are manifesting acute strength and their strong intention of maintaining a healthy upswing ahead. A popular crypto analyst, CryptoCon, believes that the BTC price may soar beyond $35,000 in the next few weeks.
The analyst here compares the 2019 rally with the current rally, as they both have been displaying huge similarities. In 2019, the price rebounded from the retrace point, which is the bottom of the bear market and soared high to reach the 1 FIB level. If the recent bottoms below $16,000 are considered lows for the 2022 bear market, then the 1 FIB levels come close to $60,000. While the initial targets remain around 0.5 FIB levels at $36,000 and 0.618 FIB levels at $41,000.
In times when the Bitcoin price continues to chop around a certain range, traders ought to become less active, which may hamper volume and volatility. In such a case, the possibility of a bullish breakout appears to be pretty low. But considering the previous price action, the star crypto is believed to shake the markets with giant price action soon.
