Despite a recess, the bullish rally which Bitcoin (BTC) pulled during the previous weekend to stay above the $4,000 mark has made series of analysts go bullish on the price of the crypto coin, coupled with the fact that it is still able to maintain solid traction above the $4,000 support.
The popular crypto analyst known as cryptocurrency accumulation machine, GalaxyBTC, has gabbed in a similar tone to that of eToro senior market analyst, Mati Greenspan, on the trend which Bitcoin will likely follow in the next few days.
GalaxyBTC, in his own opinion posited that Bitcoin is due for an upside rally, and the coin will soon hold the bull by the horn. GalaxyBTC stated that so far, the Bulkowski’s study reveals that a higher percentage of ascending triangles with declining volume are known for breaking even.
The crypto analyst added that Bitcoin price will undoubtedly hit the $5500 mark once a breakout is confirmed.
According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards
with an average price rise of 35%
— Galaxy (@galaxyBTC) March 23, 2019
Bitcoin (BTC) Trend Line Trading With Ascending Triangle
The recent rally above $4,000 per BTC unit has made it easy for quite a number of reputable analysts in the space aver that an imminent price spike is knocking at the door for the cryptocurrency trailblazer.
The trendy behavior of Bitcoin also adds to the evidence that Bitcoin is ready for a bullish run.
Even though it is dressed with a declining volume at the moment, Bitcoin trade line graph has formed an ascending triangle.
Yesterday, it was reported by Today’s Gazette that the senior market analyst at eToro also posited a bullish rally for Bitcoin irresolutely. Greenspan claimed that Bitcoin, between February and November 2018, traded on the descending line graph.
Greenspan, in the update, added that the descending graph has been replaced by an ascending triangle.
GalaxyBTC Negating Mati Greenspan On His Bullish Prediction For Bitcoin (BTC)
Even though both analysts suggested an imminent uphill run for Bitcoin, their statement seems to be negating one another in an alternative ream.
While Greenspan stated that past performance is not an indication of future results, GalaxyBTC based its own bullish prediction on series of historical events recorded by Bulkowski’s study on ascending triangles.
However, the future holds happening and only time can tell if Bitcoin’s price will soon witness hike.