Bitcoin is expected to have a strong boom soon, as the price action of the cryptocurrency tightened after the news that CFTC was suing BitMEX in the US.
Bitcoin Preparing To Burst
Bitcoin’s price movements have suffered extreme squeezing over the past few days as markets have become extremely unstable. A cryptocurrency trader showed three technical trends, the cryptocurrency ready to undergo a strong breakout. These are as follows:
- Bitcoin is in a symmetrical triangle formation and has reached the top of the triangle. This indicates that he will see a strong breakout soon.
- Bitcoin’s market volume is falling, indicating that a breakout will occur soon.
- The width of the one hour Bollinger Bands is gradually narrowing.
Analysts Await Rally In Bitcoin
Analysts are optimistic despite the negative news that could bring Bitcoin further than it is now. Simon Dedic, co-founder of cryptocurrency research firm Blockfyre, recently said:
“When you realize that the media is nothing more than a powerful market manipulator, you can start counter trading. Most people panic with the fear spreading news, and smart people invest from it. Those who bought BTC and ETH from the drop did not change. what kind of person are you? ”
This was echoed by Willy Woo, a well-known Bitcoin analyst known for keeping track of trends in the chain.
Woo recently claimed that even in the face of the above-mentioned news events, BTC is ready to burst higher. Part of the reason he is so optimistic about Bitcoin is because of an increase that usually occurs when BTC is at a mid-term crossroads.