Analysts who predicted the crypto-bull market’s end in 2021 believe that Bitcoin (BTC), which is currently trading above $150,00, can be expected to rise this year.
Pseudonymous Analyst Dave the Wave informs his 153.500 followers via the social media platform X, that Bitcoin has a continuation pattern that is bullish on the weekly chart. This suggests that a BTC breakout is imminent.
BTC Cup and Handle Anyone ….?
Others call it an [inverse] head and shoulder pattern, which I had sketched out months earlier. If so, then the right shoulder would be very weak. The conventional head-and-shoulders pattern is often found near the bottom, and not the top of the market. It is for this reason that I call it cup and handle. This pattern can be found often at the top .”
The analyst had predicted earlier this year that Bitcoin will reach $160,000 by the end of 2018. Dave the Wave, in a recent excerpt from an article, says Bitcoin’s uptrend of two years appears to be sustainable. Each rally is underpinned by phases of consolidation that set the stage for the next upward move. The analyst believes that Bitcoin has now laid the groundwork for rallies leading to all-time price highs.
The market has been able to support ever higher prices because of “the remarkable series” of price increases [remarkable only compared with the parabolic movements of yesterday… but explainable as the result of a matured market] and subsequent consolidations. Prices are more stable at this level for a longer period than in earlier markets, where making all-time heights was characterized by temporary spikes.
Compared to past cycles, as the price increased, it became more stable, indicating a mature market.
Bitcoin currently trades for $108 805.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Bitcoin Setup Suggestions an Explosive Rally Coming, According to the Analyst Who Called 2020 Crypto Top could be updated as new information becomes available.
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