Just two weeks ago, the joy of all Crypto fans was great as Bitcoin recorded its third-biggest win in history for more than a decade. In short, the price of bitcoin has risen from $ 7,400 to $ 10,500 in 24 hours. This was followed by a consolidation phase. That's what most people did not want to see. The BTC rate fell below $ 9,000. How will he continue? Can Bulls Reach the Market Again or Do Declines Lower Prices?
Bitcoin Course in the Descending Triangle?
This Friday, after weeks of indecision and ping pong between restricted areas, digital gold seems to have made a decision as to its direction. From the point of view of many Hodlers, the case under the $ 9,000 mark is probably the wrong direction. Others, on the other hand, will appreciate the decline and will take the opportunity to recharge their batteries. One thing is certain though: at the time of publication of the article, the price of Bitcoin was $ 8,775, or just under 4.5% in 24 hours.
Many traders now see the Bitcoin price again in a descending triangle. A chart pattern with highs lower but equal lows. This trend is clearly bearish and if it turns out true, it could continue to fall with the price of Bitcoin. Here, the danger would threaten to see a minimum of several months.
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Will the bullish flag save the bull market?
TWith the desperation of a possible downward triangle, the hope for the cryptography market is still not completely lost. As always, there are also conflicting opinions. So, some traders consider another possible scenario. In a nutshell: he could soon come back with the Bitcoin course thanks to a bull flag. The bullish flag is a graphic formation that also has lower peaks but also lower lows before the price goes through a sudden discharge and the bulls take over the market.
For this scenario to be true, the Bitcoin course will have to find support at the current level. After that, he could then aim for the $ 11,000 mark. The resulting higher hike could lead to the flag raising prices even higher.
Perhaps the bulls could gain so much power over the price of bitcoin that this historic record of about $ 20,000 will be tackled. Only then, the bull market would be restored with a probability of 100%. For the moment, however, it is important to wait to see what graphic pattern will prove true. This could be very exciting and crucial for the next few months.
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