March 2020-Like Crypto Crash In Q2 2023, Bitcoin (BTC) Price Could Witness Biggest Drop In History!

After fluttering below $18,000 for a few months, bitcoin price has broken above the crucial resistance at $22,500. Prices are inflating heavily and appear to be in the early stages of the bull run that could result in a new ATH in the near future. However, before you get optimistic about the upcoming bull run, here are the possibilities that the rally is programmed and could happen shortly.

An excerpt replication of the 2019-2020 rally is underway, which could start first the first leg of the 200-day WMA and later the crash in the first quarter of 2024. A well-known analyst is making the Bitcoin price prediction for 2023, saying that the price could reach $25,000 in the next few weeks, which will be followed by a massive pullback in February.

Referring to the chart above, the analyst says there could be a continuation to $23,100 followed by a pullback to $22,000. However, this dip is believed to trigger a massive surge towards $25,000 to reach the “2023 bull run” and by the end of the first week of February, the bears could start their action.

Bull Run or Bull Trap? What’s next for bitcoin price

In one of Coinpeida’s compositions, whales were reported to have been aggressively accumulating bitcoin. Therefore, if the volume does not seem real, it cannot be considered a normal price jump. Therefore, a well-known analyst, Crypto’s il Capo, says this could be the biggest bull trap of all time, which could see a major impact soon.

I checked charts the whole time and avoided the noise of Twitter. The way the up move is happening, the way htf resistances are being tested… it clearly looks rigged, no real demand.

Once again the biggest bull trap I have ever seen. But they won’t catch me.

— il Capo Of Crypto (@CryptoCapo_) January 21, 2023

Overall, the bitcoin bull run seems to be a trap at the moment. No significant confirmation of bullish reversals was seen while the conditions for an inside bounce were not met. Hence, one needs to keep a close eye on BTC price movements as they can vanish in the blink of an eye.

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