Ever since the star crypto has risen beyond the threshold, it is displaying huge potential for holding a fine rally towards the north, regardless of the bearish interference. Despite the recent pullback, Bitcoin seems to be preparing for the next bullish breakout that may lift the price beyond the crucial resistance at around $31,330.

The above chart displays the realized losses of long-term holders during the market bottom. Previously, the weak long-term holders were wrecked, and a similar situation appears to have repeated itself presently, which indicates the bottom of the bear market has been reached. Hence, the upcoming swing may be in favor of the bulls, as the price appears to be poised to reach the targets beyond $32,000 very soon.

Yet another reason for the Bitcoin rally beyond $32,000 is the price itself trading within an ascending triangle. The pace of the price fluctuation has dropped miserably as the token has advanced towards the apex. Therefore, yet another bullish breakout may make its way out that may lift the price by a minimum of 20%.