Crypto News Updates

“This Is It”: Bitcoin Is Undergoing a Critical Breakout After Consolidation

  • Bitcoin has moved much higher over the past two days after many weeks of consolidation.
  • Throughout most of September, the cryptocurrency traded snug between $10,000 and $11,000.
  • As of this article’s writing, the coin has moved up to $11,050 as it breaks higher on fundamental and technical trends.
  • For one, the U.S. dollar is plunging as stimulus talks have seemingly restarted in a manner that should boost alternative assets.
  • Analysts think that this may be the breakout that we’ve been waiting for.
  • Key technical trends show that Bitcoin’s ongoing price action is of much importance to bulls.

Bitcoin Is Undergoing a Pivotal Breakout, Analysts Say

Bitcoin’s ongoing move higher is one of pivotal importance to bulls, analysts say. In the past 24 hours, the leading cryptocurrency has gained a handful of percent as it pushes past crucial resistances in the high-$10,000s

One crypto-asset trader recently shared the chart below: it shows that Bitcoin’s ongoing move to the upside is bringing the coin above a notable downtrend. It is also doing this as the Willy indicator prints a breakout pattern to the upside.

This suggests that the ongoing move higher has strength. The Willy Woo indicator predicted previous bull trends, such as when it printed a buy signal in early April to precede the strong rally to $12,500 in the months that followed. It has also predicted reversals, such as the one that took BTC from $12,000 to $10,000 in late August and early September.


Chart of BTC's price action over the past few years (since start of 2020) with analysis by crypto trader JB (@Blackswan0815 on Twitter). 
Chart from

The fundamentals of the space are positive as well.

Vinny Lingham, chief executive of Civic, recently commented on BTC’s prospects in the ongoing macroeconomic environment:

“I haven’t been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.”

That’s to say, should Lingham’s comments come true, the cryptocurrency will rally to $30,000-50,000 in the coming 12 months.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from
"This Is It": Bitcoin Is Undergoing a Critical Breakout After Consolidation

Source: Bitcoinist News

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