A trader who called the bottom of Bitcoin’s (BTC) 2018 bear market says the crypto king is almost ready for another burst to the upside.
Pseudonymous crypto analyst Bluntz tells his 226,00 followers on social media platform X that Bitcoin is currently consolidating within a bullish pennant pattern.
According to the analyst, the breaking of the bullish continuation pattern suggests that BTC will rise to around $37,000.
“This lateral structure is still intact at BTC.
It’s great that we broke $32,000 with conviction, held it, and now found acceptance above $34,000.
Doubt and disbelief still persist, and bear market PTSD (post-traumatic stress disorder) is rampant.”
The analyst also says that Bitcoin’s trading range is starting to narrow, indicating that a big move is in sight.
“BTC is starting to get quite tight now. We should get a decision on the direction soon.
I’m betting on an upward breakout.”
Zooming out, Bluntz says Bitcoin now appears poised to repeat its rallies during the last bull cycle. The trader shares a chart showing BTC breaking out of its accumulation zone and rising to a high of $60,000.
“Never underestimate the power of a weekly range breakout on high time frame BTC.
I believe this current one will be similar to October 2020 and April 2019.
It doesn’t matter if you’re short-term bearish or whatever. Always make sure you have a pile tucked away that you are not trading.”
At the time of writing, BTC is trading at $34,552.
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Generated image: Midjourney
