Analyst Bitcoin to See One Final Downtrend Before Bull Run Begins

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Bitcoin’s intense consolidation phase may soon draw to a close, as multiple technical patterns are now suggesting that some massive volatility is imminent. This potential trend-defining movement comes after months of range-bound trading between $9,000 and $10,000. Throughout the past few weeks, this trading range has narrowed to between $9,000 and $9,300, with both buyers and sellers sitting deadlocked as both sides fail to gain control. One analyst is now noting that he is expecting Bitcoin to see one more accumulation cycle that sends its price reeling down towards the sub-$5,000 region. This price target aligns with the lower boundary of a massive pennant that has been formed throughout the past three years. He believes that this decline will mark the final re-accumulation phase seen by the benchmark cryptocurrency, and this could be followed by an intense uptrend that allows it to enter firm bull territory. At the time of writing, Bitcoin is trading up marginally at its current price of $9,170. The cryptocurrency has failed to garner any decisive momentum throughout the past several days and weeks as its trading range continues narrowing. This consolidation phase has been driven mainly by a sharp decline in both liquidity and trading volume seen by the digital asset throughout the past several weeks and months. This narrowing trading range may also be the result of traders growing increasingly focused on altcoins, which have been seeing intense uptrends throughout the past few weeks. Until the strength seen by many of these smaller tokens starts faltering, it is possible that Bitcoin will remain caught in its current bout of sideways trading. One analyst recently observed, however, that Bitcoin’s Bollinger Bands are now at their tightest levels seen since October of 2018. This means that the cryptocurrency is likely to make a massive movement in the days and weeks ahead. While speaking about Bitcoin’s path forward, one highly respected analyst explained that he is expecting it to see one final re-accumulation phase that sends it down to the lower boundary of its macro pennant. This could mean a movement towards $5,000 is imminent, and that it will be followed by the next bull market. Because of Bitcoin’s historically tight Bollinger Bands, this next cycle-low may kick off in the coming days and weeks.


All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/07/18/bitcoin-to-see-one-final-downtrend/


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