The crypto markets have been considerably bullish since the beginning of the year as after a minor consolidation, the Bitcoin price surged notably high. Further, the price soon fell into the consolidation phase but remained under the bullish influence. However, the price is preparing for a bullish upswing as top indicators point towards a breakout that may happen any time from now.
With the fresh upswing, the BTC price rebounded from the lower support of the triangle and headed toward the resistance. It is facing slight difficulty in rising above the levels as the bullish volume lags a little.
Therefore, the price may consolidate for a while before marking a notable upswing toward the interim resistance. Besides, if the price witnesses a minor pullback, then it may get rejected and drop down towards the lower support of the pennant.
Further, a rebound may ignite a breakout that may keep up the price elevated toward the resistance. Meanwhile, a popular analyst who has predicted the 2021 crypto collapse believes that the star crypto is right on track to break through its longer-term diagonal of resistance. Dave the Wave, tells his 132.6K followers that the BTC price may range high and break the resistance in the next month or two.
The analysts also said his followers to pay attention to the time the BTC price has spent below the weekly Gaussian channel which is a momentum indicator used to identify price tops and bottoms. The analyst believes that this indicator was very much helpful in the past as it rightly determined the market trend well before it began.
Presently, the Gaussian channel is undergoing a bearish wave towards the south and is yet to display a bullish divergence. Hence it may be determined that the Bitcoin price may not have marked the bottoms and hence the bearish divergence could be fast approaching.
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- Source: https://coinpedia.org/price-analysis/bitcoin-price-right-on-track-this-is-when-will-btc-may-reach-100k/