It was just revealed that an imminent upside breakout for Bitcoin was just predicted. Check out the latest reports about this below.
Bitcoin is ready for another explosion in price
A crypto trader, who accurately predicted the bottom of Bitcoin’s bear market in 2018, has recently stated that the digital currency is poised for another upward trend.
Known by the pseudonym ‘Bluntz’, this trader informed his 226,000 followers on a social media platform that Bitcoin is currently undergoing a bullish consolidation period, which is represented by a pennant pattern.
According to the analyst, the breakthrough of this bullish continuation pattern indicates that Bitcoin’s value will increase to approximately $37,000.
“This sideways structure is still intact on BTC.
It’s wild that we broke $32,000 with conviction, held and have now found acceptance above $34,000.
The doubt and disbelief are still lingering, and bear market PTSD (post-traumatic stress disorder) is rampant.”
The analyst suggests that Bitcoin is about to make a significant move as its trading range begins to narrow down.
The trader believes that BTC is coiling up tightly, and a direction decision will be made soon. The analyst is betting on an upside breakout.
Looking at the bigger picture, Bluntz believes that Bitcoin is set to repeat its previous rallies during the last bull cycle. The trader shares a chart that shows BTC breaking out of its accumulation zone and rallying up to $60,000.
“Never underestimate the power of a high time frame weekly range breakout on BTC.
I believe this current one will be akin to the October 2020 one and the April 2019 one.
It doesn’t matter if you’re short-term bearish or whatever. Always make sure you have a stack tucked away that you don’t trade.”
There are all kinds of crypto predictions these days and the ones about Bitcoin are the most optimistic because we are right ahead of the approval of spot BTC ETF, according to the latest reports.
