- Bitcoin breaks over a major hurdle point
- BTC is set to test new highs in the coming days and weeks
- Bitcoin is mirroring the pre-rally price pattern seen in 2015
Bitcoin News Today – The past few days have been pretty bullish for Bitcoin, as the digital currency has been seeing some bull-favoring price action. Bitcoin even surged to almost $10k overnight after buyers absorbed the selling pressured that pushed the price of the digital currency towards the $9,300 mark.
The digital currency now seems to be poised for more upside movement in the coming days and weeks, as it no looks well-positioned to break over its major hurdle on the upside. This new bullish wave comes as a digital currency analyst lays out a path forwards for the digital currency to surge to its previous all-time highs.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Will Break over $10,000 and higher In the Coming Days
The analyst said that the second half of this year has been really bullish for Bitcoin. He added that Bitcoin could be reflecting the price action seen in 2015 before it entered a multi-year uptrend that pushed its price to an all-time high of $20k. At press time, the world’s largest digital currency by market cap is a few dollars away from breaking over the major $10,000 hurdle point.
There was a little volatile movement in the price of the Bitcoin yesterday in the hours leading up to its monthly and weekly candle close. This pushed the price of the digital currency to the lows of $9,300 before buyers showed up and pushed the price of the coin higher. It is worth noting that Bitcoin has encountered rejections at $9,700 several times this week, and that seems to be the major hurdle preventing a break to the $10k region.
If Bitcoin fails to break over that level in the coming days, things could turn southwards. However, there is a bullish factor that could help break over that level, and that is the fact that BTC is presently in the process of breaking over a descending hurdle line which was set since it formed the high of $13,800 in June last year.
Bitcoin Is on the Verge of Something Big Should History Repeat Itself
A crypto analyst recently talked about this trendline in a tweet. The analyst said that the micro chart of Bitcoin is “not how a bearish chart looks.” Another prominent crypto analyst said that the digital currency is following a similar pre-rally price pattern to that seen in 2015. He added a few factors need to come into place for this to happen. However, there is a higher chance that Bitcoin could soon enter a full-fledged bull run.
“Q2 has historically seen price rally. Q3 has more often than not seen price print a corrective leg. 21 Weekly EMA is key. Break below the 21 w-ema = corrective pullback/leg similar to that of 2015 as highlighted,” he noted while pointing to the chart seen below.”