Bitcoin on the Brink of an Explosive Bull Rally; Heres What Will Trigger It

Bitcoin and the entire crypto market appears to have entered another bout of sideways trading within the lower-$7,000 region, with bulls struggling to surmount the resistance that has been formed around $7,300. The price action seen throughout the past couple of weeks, however, seems to suggest that this consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline. A clean break of this trendline could send BTC rocketing up towards its next key resistance level around $9,000, according to one prominent analyst. Bitcoin Enters Consolidation Phase, But It Could Be Gearing Up for a Big Movement  Currently, Bitcoin is trading down just over 1% at its current price of $7,250, which is around the level at which it has been trading at throughout the past day. This sideways trading comes shortly after the crypto posted multiple rejections at $7,500, with the selling pressure existing around this level proving to be insurmountable for bulls in the near-term. Because consolidation below resistance is a historically bullish signs, this current price action may simply mark bulls attempting to drum up greater strength before making their next big push. Galaxy, a prominent crypto analyst on Twitter, offered a highly bullish near-term possibility to his followers, explaining that the benchmark cryptocurrency is currently pushing up against a key descending resistance level. He notes that a decisive break above this level will open the gates for a swift movement to $9,000. “$6800 – $9000 is the dream trade I’m waiting for. There is also a slight chance we can break the green line today/tomorrow and just go for it. Either way, I’m patiently waiting to start riding the train to 9K,” he noted. $6800 – $9000 is the dream trade I'm waiting for. There is also a slight chance we can break the green line today/tomorrow and just go for it. Either way, I'm patiently waiting to start riding the train to 9K.$BTC pic.twitter.com/kxJ8LyRacL — Galaxy (@galaxyBTC) April 8, 2020 Multiple Technical Factors Support This Notion Mac, another popular cryptocurrency analyst on Twitter, explained that multiple technical factors point to the possibility that Bitcoin will make a near-term movement towards $6,800 before rocketing up to its CME gap at roughly $8,600. “BTC bullish scenario – Rejection here $7450-$7650 on weekly – Retrace to $6800-6650 – Fill up CME gap in few 4-8 weeks,” he noted. $BTC bullish scenario – Rejection here $7450-$7650 on weekly – Retrace to $6800-6650 – Fill up CME gap in few 4-8 weeks pic.twitter.com/0WpNFh6E5y — Mac (@MacnBTC) April 8, 2020 Although it does appear to be a strong possibility that Bitcoin will make a short-term movement down towards $6,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses. Featured image from Shutterstock.

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