The price of Bitcoin (BTC) continues to consolidate below $17,000 as investors watch the asset for a possible bottom that will likely start a new rally. In attempts to identify Bitcoin’s next move, observing the flagship cryptocurrency’s historical price trendline may provide a clue.
Bitcoin’s new rally can start at this price!
Along this line, a crypto trading expert on TradingView alias Goldenbreakout pointed out that after weeks of sideways trading pattern, Bitcoin’s all-time high of almost $69,000 started to gain momentum after the asset hit the $9,000 level. Location observed in July 2020.
At the same time, since Bitcoin is currently displaying a sideways pattern, the analyst stated that BTC could form a trendline similar to the last bull run but would need to correct to $9,000.
According to the expert, free-falling Bitcoin will cause new volume to exit the asset before making room for investors to enter the market.
“Are we going to take the free falls like we did before? We are likely to enter much more bearish volume so new volume will enter BTC. Most of the time, when the BTC price remains stable over the long term, the impact is huge in the later moments,” the analyst said.
Bitcoin price chart. Source: TradingView
Indeed, let’s assume that the $9,000 position is a crucial foundation for Bitcoin’s recovery; Investors will likely need to prepare for more pain in the coming weeks. Bitcoin tried to recover after positive macroeconomic factors. However, the asset was unable to hold the gains.
Bitcoin price analysis
At the time of publication, Bitcoin was trading at $16,867, which represents a minor price increase of about 0.2% over the past 24 hours. The weekly chart also shows Bitcoin’s current consolidation phase, with the asset correction 0.75%.
Bitcoin seven-day price chart. Source: Finbold
At the current price, Michaël van de Poppe, a crypto trading expert, suggested in a tweet on Dec. 23 that if Bitcoin holds the $16,750 position, the asset could break through to the $16,900 – $17,000 range and target $17,450. .
Bitcoin price chart. Source: TradingView
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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