Bitcoin The analyst, who is notorious for predicting the price’s bottom of the 2018 bear market, thinks BTC is almost ready for another upward explosion.
Analyst Bluntz noted that BTC is currently consolidating in a bullish pennant formation. According to the analyst, breaking out of the upward trend indicates that BTC will rise to approximately $37,000.
This horizontal structure is still intact in BTC. It’s really crazy that we broke through $32,000 on faith, held it, and are now accepted above $34,000. Doubt and disbelief still persist, and bear market PTSD (post-traumatic stress disorder) is common.
The analyst also noted that Bitcoin’s trading range has started to narrow, which could be ahead of a big move.
Bluntz concludes his predictions by stating that Bitcoin now looks poised to repeat its rallies during the last bull cycle. The trader did not forget to fuel the excitement with a chart showing BTC breaking out of the accumulation zone and rising as high as $60,000.
Never underestimate the power of a higher timeframe weekly range breakout on BTC. I believe the current breakout will be similar to the one in October 2020 and April 2019. It doesn’t matter if you’re short-term bearish or something else. Make sure you always have a stack that you are not trading.
