Bitcoin (BTC) Is Reportedly Poised For A Massive Breakout
Today, the crypto market looks bloody again with all the coins trading in the red at the moment of writing this article.
Despite the huge volatility of the market, there have been lots of optimistic-crypto-related predictions lately.
Now, a crypto analyst known as The Cryptomist said that BTC might be poised for a massive surge, which will take place sooner than you would expect.
BTC is in an ascending triangle
The analyst says BTC appears to be in an ascending triangle and could break out in a matter of days.
“A possible ascending triangle to look out for Like I have been saying for the past week and a bit. I am favoring longs right now, (however, the possibility of one more move down for bears)…” according to the analyst, as cited by the online publication the Daily Hodl.
The Crypto mist continues and explains that “Targets from last week remain the same: – 7700 – 8450 – 9400 Not long now.”
Breakout within 3days pic.twitter.com/PbUIpPKCd0
— The Cryptomist (@TheCryptomist) December 8, 2019
The crypto market could actually be more bearish
The online publication mentioned above also brought up another important crypto analyst known as Magic, who said that things are a bit more bearish, according to his vision.
He agreed that BTC might be getting ready to move to the upside in the short term, but he said that the coin would remain locked in retracement for the foreseeable future.
“BTC and the others may try for an upside breakout in the coming days. However, if BTC puts in yet another lower high, it will likely breakdown below the recently contested critical support at 7250,” according to Magic.
The analyst said that we might see a short term reversal, “but BTC remains in a bear market downtrend.”
Someone who responded to Magic said the following:
It needs to drop for a healthy correction. That pump earlier this year was not healthy. It needs to drop back to $5K.
— Johnny (@DR6am) December 7, 2019
At the moment of writing this article, BTC is trading in the red and the most important coin in the market is priced at $7,374.30.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.