Bitcoin Price Analysis: Price Pattern Appears Identical to Previous Trendline

Some members of the digital asset community believe that a historical Bitcoin price analysis indicates that the price of the digital token could soon be heading in an upward directory. The price of Bitcoin could be imitating the previous hypothetical chart indicating a sharp reversal in prices. The two patterns look similar. According to the chart, Bitcoin could be seeing a price ‘spring’ within the next few days, entirely in line with the Wyckoff method.

A Bullish Sentiment Remains

Bitcoin could be in for a rally. In order to fulfill the bullish scenario mentioned here, Bitcoin will have to continue to move ahead swiftly over the coming days, breaking through significant resistance levels. According to a top crypto analyst, the resistance levels for Bitcoin seem to lie at 7800 USD around 1200 USD away from current crypto prices. Many analysts are not in agreement with this view.

Some cryptocurrency analysts still believe that BTC is will soon rally a bull. The forecasted time is in coming weeks. Remember, Tom Lee assured crypto enthusiasts that Bitcoin would reach the 25,000 USD by year end. According to the charts, Bitcoin is presently sitting at the top of the pile at the 6500 USD support which experts have said is a price of interest, because it costs around 6500 USD to mine just one Bitcoin.

Good News Has Helped Bitcoin

A recent number and positive news can also be an indication that Bitcoin is indeed ready for another strong rally. The SEC’s announcement caused the virtual currency market to increase by at least 10%, after it eased regulation concerns regarding the world’s second-largest digital currency, Ether. This announcement may indicate that U.S. regulatory bodies are willing to give the cryptocurrency market some regulatory leeway, hope for many in the community. However, time will only tell whether the cryptocurrency market is ready to move towards new heights, bypassing ATHs seen earlier this year.

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