It’s time to fasten seat belts, as Bitcoin is on the brink of a breakout. After 2 weeks of silent consolidation, it’s now time for a major price swing. Is it going to be a leg up or a leg down is now the concern.
The chart patterns indicate a symmetrical triangle formation since reaching a low on May 19. It is now time for a breakout that will result in a larger move. Many analysts have given their 2 cents regarding the result, here’s a brief look at it.
First up is crypto Trader and Analyst Rekt Capital. He says BTC is on the verge of a potential death cross and could fall to $18K. In his Twitter thread, he explains in length about death crosses in different timelines of BTC.
Madelon Vos, macroeconomics analyst, and Bitcoin investor have also tweeted saying a big breakout is quite possible and the prices could either swing to $48K or $25K in a couple of weeks.
“Combined with positive divergence on RSI and a symmetrical triangle having a possible breakout of $10.000… a very plausible scenario. We could end up around $48 or $25k the next couple of weeks,” her tweet read.
Peter Brandt has also chimed in saying in the worst-case scenario Bitcoin will fall to $21K. He asks why someone would sell non-leveraged longs when the market had already dropped so much.
Hold On! There’s Upside too.
Amidst this chaos of volatility, the long-term element of Bitcoin is still intact. We all now know institutional investors are in it for the long haul, so things may not be that awful because these investments pour in prices will skyrocket for sure.
Analyst and creator of the stock-to-flow model, ‘PlanB,’ examined prior corrections and discovered that they were invariably v-shaped. This, he believes, could be a sign of institutional buying, which might fuel the next move higher.
At the time of writing, Bitcoin is trading at $39,006.74 with a market cap of $730.4B.
What the upcoming weeks hold for BTC is to be tuned for!!