Bitcoin price has yet again slumped below $20,000, despite the market sentiments remaining positive before & after the merge. Moreover, after a brief upswing, the prices are expected to drop as the indicators also turn extremely bearish in the longer time frame. In such a scenario, expecting a bull run could be impracticable at the moment.
As the day arises out of the dark, BTC price may also rise above the bearish influence as the star crypto appears to be preparing for another bull run ahead. Moreover, a known analyst, predicts the possibility of a 60% upswing, referring to Bulkowski’s data.
The analyst highlights the repetitive patterns being followed by Bitcoin since its inception. The BTC price has formed a couple of symmetrical triangles, prior to every breakout in 2016 & 2019. After the price broke out from the triangle, the price soared high to form a new ATH each time. Interestingly, the crypto has formed a similar pattern at the moment and is hence primed for a breakout in the near future.
The Bitcoin (BTC) price is currently trading at $19,822.55 with a drop of 1.64% in the past 24 hours. The price may continue to trade around the same levels for some more time until it reaches the peak of the consolidation. With a breakout, the price may eventually rise above the crucial barriers and ignite a strong bull run very soon.
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