Could Bitcoin (BTC) Be Preparing For A New Bull Run?

Bitcoin (BTC) price has been stuck between $53,500 and $59,000 for about 3 weeks. Although Bitcoin tried to break $ 59,000 several times, it was rejected from there. It went back to $53,500 a few times. What does the Bitcoin price tell us when we compare it with the previous months?

Bitcoin (BTC) is currently trading at $54,978. Bitcoin fell from $ 59,000 to $ 53,500 last week, and after finding support around $ 53,500, it started to rise again. It tested $59,000 3 times this week but was rejected. It looks like Bitcoin price is stuck between $53,500 and $59,000. So why?

Similar charts in Bitcoin price have happened before. Let's examine the most recent history. In September, the Bitcoin price was stuck between $40,000 and $49,000 and drew such a chart for about a month. It even fell below $40,000. But after falling again to around $40,000 at the end of September, it started rising until it hit a new ATH. It had increased by 65% in about 3 weeks.

I think a similar rise may start again in the coming days. If it can break $59,000 and stay above it, it could move up to $75,000.

Bitcoin has drawn similar charts many times in the past. When bitcoin is stuck in a similar price range, institutional and wealthy investors usually make an effort to buy at the dip price, while some investors want to sell at their target high price. This causes price fluctuations. I think there is a similar situation right now. So I think a new bull run will be triggered around $53,000.

At the moment, I think institutional and wealthy investors are making an effort to buy Bitcoin at dip prices and they will enjoy it in the future. Actually, it may be good for me for a while if the Bitcoin price moves in a certain range and stays stuck. However, after starting to rise and reaching a new high, it may not return to the dip prices before the rise.

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