A trader who called the bottom of Bitcoin’s (BTC) 2018 bear market says that the crypto king is almost ready for another burst to the upside.
Pseudonymous crypto analyst Bluntz tells his 226,00 followers on the social media platform X that Bitcoin is currently consolidating within a bullish pennant pattern.
According to the analyst, breaking out of the bullish continuation pattern suggests that BTC will rally to about $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 is also saying that Bitcoin’s trading range is starting to narrow, indicating that a big move is in sight.
“BTC starting to coil fairly tight now. We should get a direction decision shortly.
My bets are on an upside breakout.”
Zooming out, Bluntz says that Bitcoin now looks poised to repeat its rallies during the last bull cycle. The trader shares a chart showing BTC breaking out of its accumulation zone and rallying to as high as $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.”
At time of writing, BTC is trading for $34,552.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
This article was originally reported on The Daily Hodl.