Bitcoin’s new rally can start at this price!

The price of (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 ’s next move, observing the flagship cryptocurrency’s historical price trendline may provide a clue.

’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, ’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 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 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's new rally can start at this price!  - Picture : 1

price chart. Source: TradingView

Indeed, let’s assume that the $9,000 position is a crucial foundation for ’s recovery; Investors will likely need to prepare for more pain in the coming weeks. tried to recover after positive macroeconomic factors. However, the asset was unable to hold the gains.

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's new rally can start at this price!  - Picture : 2

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's new rally can start at this price!  - Picture : 3

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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