As history suggests, Bitcoin usually sees massive breakouts by the end of each year so we can expect a new one by the end of 2020. Bitcoin’s price was showing signs of strength over the past few hours and pushed above $10,600 so let’s read more in our latest Bitcoin news.
The strength tampers while bulls remain in a precarious position as they are having a hard time to catalyze sustainable uptrends. The market was quite over the past few days as many altcoins drifted lower while BTC was showing signs of weakness. One analyst even noted that history suggests that Bitcoin usually breaks out at the end of the year as that right now, it is still far from posting a massive breakout. He believes BTC is in the accumulation phase and will start rallying later this year.
Bitcoin and most of the market were caught in a bout of sideways trading as both bulls and bears were not able to gain clear control over the market. This issue created more fear for investors and traders. Where will BTC trend next depends on its reaction to the range boundaries which are set at $10,200 and $11,200. Neither of these levels however has been broken as one analyst noting that it could be because the number one cryptocurrency is trapped in an accumulation phase. He believes that this phase will end by the end of 2020 and BTC will breakout.
At the time of writing, Bitcoin is trading up at a current price of $10,600 as Bulls have catalyzed some upwards momentum but it didn’t alter the crypto’s short-term outlook. The next key price level to watch out for is the $11,000 as a break above it could open the gates for a move to $11,200. If it faces another rejection at this level, it could deal with major damage because of the underlying market structure.
While commenting on the Bitcoin macro outlook, one analyst observed that bitcoin could be caught in a re-accumulation phase which usually happens to a possible breakout at the end of the year:
“BTC. I’ve been asked for a bigger picture analysis. Looks like we are in re-accumulation phase, above the weekly 21-EMA. Possible breakout by end 2020.”
If the path forward comes to fruition, Bitcoin could be sitting next to the potential macro uptrend.
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