- Bitcoin’s bout of consolidation seems drawing to a close, with the benchmark crypto now gaining some major momentum
- Bulls lastly broke the long-held trading range that the crypto had actually formerly been stuck within, which is offering BTC with immense strength
- The crypto’s rally is permitting it to restore some dominance over the aggregated market, with Ethereum and lots of altcoins all dropping a little against their BTC trading sets
- One trader is keeping in mind that this ongoing push greater might be the outcome of Bitcoin publishing what he is describing as a “dream circumstance” bottom
- This could indicate that the continuous push higher marks more than a short-term rally, as it could mark the start of its next major uptrend
Bitcoin and the whole cryptocurrency market have actually been caught within the throes of a tremendous bout of volatility as of late.
Just last week, the entire market saw an immense selloff that caused Bitcoin and all altcoins alike to eliminate weeks of gains. BTC plunged as low as $28,000 while ETH tapped $1,000.
The “v-shaped” healing set after these lows were visited appears to have actually been exactly what BTC needed to see a continuation of its macro uptrend.
One trader has called the cost action seen at the crypto’s recent lows a “dream scenario” that could send Bitcoin flying approximately new highs in the weeks to come.
Bitcoin Shows Signs of Strength as Bulls Take ControlAt
the time of writing, Bitcoin is trading up simply over 7% at its current rate of $34,700. This marks a huge rally from its recent lows of just over $28,000 set last Thursday.
The entire market is growing more powerful, with Ethereum seeing a parabolic rise the other day while numerous DeFi altcoins set fresh all-time highs that are multiples of their previous highs.
Expert: BTC Price Action a “Dream Scenario” for BullsAlthough the
current debt consolidation and underperformance of altcoins was frustrating for Bitcoin bulls, one expert thinks that it couldn’t have actually been any more perfect for setting BTC up for an enormous move higher.
“BTC: Purely structurally wise, HTF lows swept, LTF lows swept, tidy highs above. This is your dream circumstance in a booming market which is why I wouldn’t be surprised if we do run it back turbo towards new highs today. Let’s see what we get.”
Image Courtesy of George. Source: BTCUSD on TradingView.
Unless Bitcoin deals with a flurry of selling pressure that reverses its continuous ascent, there’s a likelihood that it will see its next leg higher.
Featured image from Unsplash. Charts from TradingView.