Bitcoin in Brink for Explosive Bull Rally; Here’s How it will be triggered.
Bitcoin and the entire crypto market appear to be trading sideways in the low $ 7,000 range, with the bulls struggling to make up around $ 7,300. However, the price action observed over the past few weeks suggests that this consolidation may be short-lived, as it is on the verge of overtaking a significant trend. According to a leading analyst, a clean break of this trend could send BTC to the next major blockchain for $ 9,000.
Currently, Bitcoin is trading at less than 1% of its current value of $7,250, a level that was trading throughout the previous day. The trail business comes as soon as the crypto dis posted 7,500 denials, proving that current sales pressure at this level is inevitable for the bulls in the near term.
Since consolidation under resistance is historically the fastest signal, this current price action may try to increase the strength before the bull gives its next big push. A leading crypto analyst on Twitter, the galaxy has given its followers the opportunity to be extremely aggressive, explaining that benchmark cryptocurrency is currently up against a major downward spiral. He stated that a decisive break above this level would open the door for an active movement of about 9,000.
Mack, another well-known cryptocurrency analyst on Twitter, noted that many technical aspects suggest that Bitcoin could move closer to $6,800 before the CME breaks at around $8,600.
While Bitcoin seems to have a strong likelihood of making a short-term move in the direction of $6,800, support in this area is enough to send cryptocurrencies high in action to wipe out almost all recent losses.