Is the big rise in Bitcoin coming?

in #bitcoinlast year

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Bitcoin and the entire crypto market have witnessed waning volatility over the past few weeks. The leading cryptocurrency has been caught in a horizontal trading wave over the past few weeks, as buyers have supported $ 10,200 while sellers continue to protect the region between $ 11,000 and $ 11,200. The lack of momentum caused by trading pressure at these levels led to a tight trading range between $ 10,600 and $ 11,000.

It is currently unclear what could catalyze enough volatility for Bitcoin to break down any of these levels in the coming days. One analyst points to a historical pattern as a bullish factor for BTC. The analyst stated that the pattern's continuing horizontal trade wave is occurring just below the key resistance level. Typically, this indicates that the bulls are preparing for an explosive move, according to the analyst.

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Bitcoin could explode soon!

Last month has been tough for Bitcoin. BTC, along with the rest of the crypto market, saw a wave of sales after reaching its $ 12,400 peak in late August, causing its price to drop to $ 9,900. Support here was significant and catalyzed a strong return to the $ 11,200 highs. Since it was rejected here, the leading cryptocurrency sees range-dependent trading.

Commenting on the short-term outlook of the cryptocurrency, popular analyst Byzantine explained that consolidation under the resistance is generally on the rise. Byzantine stated that this consolidation took place below the critical level that turned into resistance, unlike the past period of consolidation, which took place just above the $ 11,000 support level of Bitcoin. Therefore, the analyst believes this could mean that the cryptocurrency is "going to explode". Byzantine adds the following to his comments on the subject:

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