Bitcoin price pattern indicates a 2014 like bullish breakout

Bitcoin price pattern seems rather familiar and with a good reason.

BTC price re-visiting the 2015 trend all-in-all and an aggressive change in the Bitcoin market is expected to occur which will cause a considerable amount of increase in the cryptocurrency’s price. Recently observed actions in the market are noticeably similar to the price fluctuations observed five (5) years before today.

The bull market dragged BTC foin to three thousand one hundred (3,100) dollars before Bitcoin found firm footing near the four thousand dollars ($4000) mark. Following this, an abrupt increase in the prices of the cryptocurrency was noted in the market. A bearish crossover was confirmed in February, in 2019. Even though bearish crossovers indicate a slower increase in markets for a longer period, another abrupt increase in Bitcoin’s prices was observed in the market right after two months.

Bitcoin price pattern seems promising

The bearish-to-bullish transitioning pattern that once had Bitcoin rise to new heights has made a grand appearance yet again. This year could very well experience a breakout to a new bullish era.

The chart depicts a drop in the bear market by the start of 2015, where another bearish crossover was confirmed by Q2 2015, followed by a reversal at the start of Q4 2015. The prices were stalled by the bull market at four hundred and fifty dollars ($450), which was followed by another increase in prices.

Notably, by Q1 2017, Bitcoin’s prices had increased to a record high of twelve hundred dollars ($1200). The recent bull market has stalled again, and currently, the cryptocurrency’s price lies just above ten thousand dollars ($10,300).

With this observed repeating behavior of the Bitcoin market, it is strongly believed that there will be another abrupt increase in the cryptocurrency’s prices and this increase would be marked above thousand dollars (20,000), which would be a retest of Bitcoin’s current all-time-high (ATH). It is to be noted that the current moving averages lie above six thousand dollars ($6,556) and seven thousand dollars ($7,668).

Post Author: Sitoski

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