Bitcoin has been recognized in recent times of a large Trading inside a large range, which varied for over a month, between 9,000 and 10,000 dollars.The crypto-currency seems to be a further consolidation well-positioned as there are no clear catalysts that could drive movement in one direction or the other.It is a price model, which seems to indicate that Bitcoin could be just one month away from the beginning of the next bull phase.The model also shows that BTC was in the beginning of the year in a full-blown bull market, what the pandemic is delayed, however.
Bitcoin and the aggregated crypto-currency market is still moving sideways. BTC has recently shown some signs of weakness as he moved to the lower border of this Trading Range.
Where BTC will develop next, largely depends on which side of the Trading Range is breached first, and its successive rejections in 10,000 USD, seem to indicate that a downside break is imminent.
A newly published price model, the digital Benchmark appears to remain an Asset, however, macro-economically bullish.
Of the prominent On-a-Chain-Analyst, has presented the model, believes that in the next month for BTC could be extremely positive.
He also notes that the next movement will be all the greater, the longer BTC is consolidating around the current price.
Bitcoins consolidation phase lasts
At the time of writing, Bitcoin is listed for the price of 9.140 $. This corresponds roughly to the price level at which it was traded in the past few days.
Since the sellers failed to push the price over $ 9,000, seem to be the medium-term Outlook for Bitcoin to remain relatively strong.
Although he has obvious weakness is showing some signs open, seems to be a new posted price model, the analyst Willy Woo to suggest that he’s only got another month within a Trading remains Range before the price entry into the next upswing cycle.
About Woo writes in a Tweet:
“This is a new model I’m working on, it takes in the beginning of the exponential bull runs. 1) Bitcoin prepared for a bullish run up to the White Swan of the COVID made the nothing. 2) This model suggests that we are on the verge of another bullish run. Maybe a month away.“
Image courtesy of Willy Woo
BTC could be preparing for a massive movement
Woo also stated that the next price spike will be all the greater, the longer Bitcoin sideways is traded and the more investors accumulate.
“The longer this bull market needs, until she starts, the higher is the top price (Top Cap model). A long, sideways-extending accumulation band is ultimately a good thing.“
Image courtesy of Willy Woo
This means that the relentless sideways movement observed in last month, could ultimately prove to be beneficial for the future price development of Bitcoin.