Bitcoin (BTC) continued with the daily balance model, but with a strong rise yesterday, BTC completed the day from $ 9,110 to $ 9,625. Currently, Bitcoin is under consolidation of yesterday’s movement, but it does not seem serious for bulls.
Since the bulls are trying to set a higher minimum, the $ 12,422 level, which is indicated by the daily 12-EMA, serves as support. As the volume increases, this open model is currently in favor of the bulls.
While the short-term outlook is in favor of the bulls, the long-term outlook also looks great. The weekly chart has created a bull formation, and the monthly chart has been in favor of the bulls for the past 3 months.
Is Bitcoin (BTC) Accumulation Herald of the Great Movement?
In a tweet on May 29, analyst Credible Crypto said that Bitcoin has been in a great accumulation period for the last 896 days and stated that Bitcoin’s journey to $ 100,000 is about to begin.
— Credible Crypto (@CredibleCrypto) May 29, 2020
On the weekly chart published by ‘Credible Crypto’, it appears that Bitcoin is creating a balance pattern. However, an equilibrium pattern does not show an upward or downward trend, only an asset has too much potential to see a big move when any of the levels are broken.
The forecast range is still very wide and anything can happen, but there are some main reasons why Bitcoin is more likely to see a bullish break. Grayscale mutual fund is increasingly purchasing Bitcoin this year, and the institutional interest in Bitcoin is clearly visible.
The clear interest of Bitcoin is reaching new heights almost every day this month, and the recovery of BTC, which fell to $ 3,700 due to the great collapse on March 12, shows the strength of the digital asset.