The Bitcoin Breakout We’ve All Been Waiting For

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Bitcoin on a Breakout, This Former Analyst says BTC Waiting for Reasons to Go Higher

Bitcoin bulls have the prices slowed down at $8,200 level, however, it is looking forward to another breakout to go beyond $8,300 before meeting the critical resistance. Whereas Spencer Bogart predicts bitcoin is just waiting to explode higher.

BTC/USD heading for another breakout

Bitcoin is well above $8,000 and with the way things are going in the crypto market, looks like bulls are here to stay. At the time of writing, Bitcoin has been trading at $8,229 with just barely in the green.

The market sentiments currently are tilting towards a much higher price for bitcoin. If we take a look at the technical part of the Bitcoin price, it is heading for another breakout. A few days back, Bitcoin hit the $8,500 level briefly on BitMEX exchange. But at this point, BTC/USD hit a critical resistance and went right back down.

This is a bearish line that is keeping Bitcoin from jumping this limit. However, Bitcoin has been able to hold its ground at the ongoing level and maintain its balance between the $8,470 high and $7,700 low.

Actually, the price is sitting ideal waiting for either bulls or bears to make an appearance. The resistance target for bitcoin right now is at $8,300 and if it has to go beyond $8,500, the price has to break above $8,400.

If the prices have to go lower, the support is at $8,180 and then at $8,100 that will help the prices from going below the $8k mark.

Bitcoin ready to explode higher

Bitcoin is at a crucial stage which people believe is going to hit a new number soon. According to Spencer Bogart, who is a partner at Blockchain Capital and former Bitcoin Analyst predicts the bull rally is waiting to go higher.

“Bitcoin is a tinderbox, right now that is waiting for reasons to go a bit higher whether its global wars or trade wars, whether it is an ETF approval, etc. I think any number of catalysts can send Bitcoin exploding higher.”

Bogart also said that Bitcoin just might have hit its bottom this year and is expected to see new highs. He is also expecting more regulatory approvals to come before further adding,

“The cat’s already out of the bag, innovation is going elsewhere if the SEC doesn’t get on board soon.”

In May, when Bitcoin was falling, Bogart has said it is the only coin that is worth buying while others are “over-promising and under-delivering”.

Bitcoin has always proved that it can recover even if the bulls have taken a back step. Given the fact that bulls seem to be only slowing down, the prices can be expected to reach new highs.

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The Bitcoin Breakout We’ve All Been Waiting For

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Bitcoin Could Be on The Verge of a Major Breakout; Here’s Why

It now appears that Bitcoin’s recent surge from lows of roughly $10,000 to highs of over $10,500 was simply a flash in the pan, as BTC has now erased nearly all of the gains it incurred during this movement.

Analysts are now noting that Bitcoin’s current technical formations could signal that BTC is on the verge of a massive breakout, in spite of its recent lackluster price action.

Bitcoin Nears Critical Support Level, But Bulls May Soon Roar

At the time of writing, Bitcoin is trading down nearly 2% at its current price of $10,160, which marks a decent sized drop from its recent highs of over $10,500.

The $10,000 region has proven to be a strong support level over the past several days and weeks, with each drop into the upper-$9,000 region being met with strong buying pressure that sent the crypto surging higher.

This support, however, may be wearing thin, as each bounce from this level appears to be growing weaker and has been forcing BTC to consistently set lower highs – a sign that bears have a slight edge over bulls.

Chonis Trading, a popular cryptocurrency analyst on Twitter, shared his thoughts on the cryptocurrency in a recent tweet, explaining that it is currently trading just a hair above its ascending support line, with a potential break below this line leading to a massive plunge lower.

“$BTC – EMA cross rejected as #bitcoin has given up almost all of the pump a few days ago…break the higher low and look out below,” he explained.

$BTC – EMA cross rejected as #bitcoin has given up almost all of the pump a few days ago…break the higher low and look out below… pic.twitter.com/ZRHqhRCJti

Despite Current Bearishness, Could BTC Be on The Verge of a Major Breakout?

Although the signs may be pointing to a near-term continuation of Bitcoin’s recent downtrend, The Cryptomist, another popular crypto analyst on Twitter, explained that she believes that a large symmetrical triangle BTC is currently within could result in a major breakout.

“$BTC Possibility for major breakout? We have a large ascending triangle on both 3hr candle and RSI. If accurate we should breakout this large sym triangle within 3 days. Bears are still lurking and a possibility for 8k. All depends on legitimacy of this ascending triangle imo,” she said while pointing to the below chart.

Possibility for major breakout?

We have a large ascending triangle on both 3hr candle and RSI
If accurate we should breakout this large sym triangle within 3 days

Bears are still lurking and a possibility for 8k
All depends on legitimacy of this ascending triangle imo �� pic.twitter.com/ICXJABwXrm

Assuming that The Cryptomist’s assessment of BTC’s current price action is correct, then the next few days will likely elucidate as to whether or not a continuation of crypto’s downtrend is imminent, or if it will soon retest its year-to-date highs.

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has covered bitcoin and the crypto markets since 2020.

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