Bitcoin (BTC) Price Prediction: Will Bulls Regain Control After Q3 2022?

The Bitcoin price began the monthly trade on a bearish note as it failed to surpass one of the important resistance levels at $71,800.

The Bitcoin (BTC) price began the monthly trade on a bearish note as it failed to surpass one of the important resistance levels at $71,800. After a 12% drop from the monthly highs, the market participants are left guessing the next price action.

However珉t appears that the BTC price is preparing for a massive price action in the long run.

A renowned crypto analyst predicts that the Bitcoin (BTC) price is all set to hit a new all-time high (ATH) in 2024, despite the bearish trend observed in the first half of the year.

According to the analysis, the BTC price is expected to continue its bullish trend in the long run, after marking new highs and rallying to $75,000. However, the rally could get stuck at this level for some time.

The analysis predicts that the BTC price could reach a new ATH of $80,000 in 2024.

The analysis also highlights several bearish indicators that could impact the Bitcoin (BTC) price in the coming months.

One of the key indicators is the active address count, which has dropped significantly by nearly 30%. The levels have dropped from around a million addresses per day to as low as 70K or 80K.

This suggests a notable drop in trading activity as market participants may have become uncertain about the next price action.

Secondly, the analysis points out that the whale activity has accelerated heavily since the start of the month, which may have hampered the circulation of the token.

The supply in the top 100 addresses has increased dramatically since the beginning of the month, rising from approximately 2.8 million to more than 3 million in less than a month.

Interestingly, there is no positive impact of the whale accumulation on the BTC price, as the levels are believed to keep testing lower support in the coming days.

Despite the bearish indicators, the analysis predicts that the Bitcoin (BTC) price will remain bullish in the long run.

According to the analysis, the BTC price is expected to begin a fine rise from the lower support with an aim to surpass the current highs.

Considering all the above factors, it appears that the BTC price may remain under bearish influence until the first few days of Q3, followed by a decent rebound.

The current phase reflects the 2022 bear market and hence the traders are keeping a close watch on the market dynamics.

Therefore, despite a bullish reversal, the price is believed to maintain an ascending consolidation and, with the beginning of Q4, trigger a fine rise to surpass the current highs

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