Bitcoin (BTC) has seen a slight recovery since its low of $ 11,400 on Friday. The leading crypto asset is trading at $ 11,603 as of writing, but BTC is still $ 900 below last week’s high of $ 12,500.
With the emergence of a number of positive technical trends, Bitcoin could soon take a leap forward, heading back to an all-time high.
A popular cryptocurrency analyst said in a statement that there are three important signs that Bitcoin could bounce off if it drops by $ 1,000 from Monday.
Traditionally, when Bitcoin enters a bullish phase, it has often been seen that it bounces after a certain retracement. Historically, there are many experiences that support the analyst’s view.
According to another analysis by cryptocurrency trader JB, the leader states that the cryptocurrency will be consolidated in the current range in the short term. The famous trader said that this will not show that Bitcoin is definitely in a bullish trend, it just needs to cool the leading crypto currency for the rise.
Bitcoin Consolidation May Pleasure Altcoin Investor
For now, the common view of both cryptocurrency traders and crypto analysts is that Bitcoin will consolidate at its current price level, then take a leap forward. As Bitcoin consolidates, a new altcoin season usually begins. In the sudden ups and downs of bitcoin, altcoins turn red. Considering this situation, the consolidation of Bitcoin in the current price range will be positive for altcoin traders. Of course, as in every consolidation, there will be a sharp fall or rise again. During the sudden rise of Bitcoin, it is very likely that investors who are still in altcoins will suffer losses, so it is very important to follow the market correctly and take position accordingly, to protect investments.
It is not certain whether Bitcoin will rise even higher after the said consolidation. Especially for Bitcoin, which started to be seen as a value store during the global epidemic, a potential rise in the US dollar will pose a risk.
Bitcoin (BTC) continues to be traded at $ 11,603 as of writing.