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November 1, 2023

Bitcoin on the Verge of Another Significant Upward Movement

Thando Dlamini
Written byThando DlaminiWriter
Researched byNikos PapadopoulosResearcher

Introduction

A trader who accurately predicted the bottom of Bitcoin's 2018 bear market believes that the cryptocurrency is on the verge of another significant upward movement. The trader, known as Bluntz, has a large following on the social media platform X and has identified a bullish pennant pattern in Bitcoin's current consolidation phase.

Bitcoin on the Verge of Another Significant Upward Movement

Consolidation and Breakout

Bluntz explains that Bitcoin's sideways structure is still intact and highlights the recent breakthrough of key resistance levels at $32,000 and $34,000. This breakout from the bullish continuation pattern suggests that Bitcoin could rally to around $37,000.

Narrowing Trading Range

Bluntz also notes that Bitcoin's trading range is starting to narrow, indicating an imminent major move. The trader predicts an upside breakout and emphasizes the importance of closely monitoring the direction of this move.

Historical Comparison

Taking a broader perspective, Bluntz compares Bitcoin's current situation to previous bull cycles. The trader shares a chart illustrating how Bitcoin broke out of its accumulation zone and surged to as high as $60,000. Bluntz believes that the ongoing breakout has the potential to be as significant as the breakouts in October 2020 and April 2019.

Conclusion

In conclusion, Bluntz's analysis suggests that Bitcoin is on the cusp of another significant upward movement. The trader advises caution for those who are short-term bearish and recommends holding a portion of Bitcoin as a long-term investment. As of now, Bitcoin is trading at $34,552, and investors should closely monitor the market for any breakout or major move.

About the author
Thando Dlamini
Thando Dlamini
About

Thando Dlamini, a vivacious 22-year-old from South Africa, seamlessly blends her love for the vibrant world of online casinos with her meticulous localization skills, making the digital gaming experience truly South African.

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