- Bitcoin’s battle for consolidation appears to be coming to an end, and benchmark crypto is now seriously gaining momentum
- The bulls eventually broke the long-term trading range the crypto was previously in, which gives BTC immense strength
- The crypto’s rally allows it to regain some dominance over the aggregate market, with Ethereum and many altcoins falling slightly against their BTC trading pairs
- One trader notes that this sustained surge could be the result of the Bitcoin release, which he calls the “dream scenario”
- This could mean that the continued rise in notes is more than a short-term rally as it could mark the start of its next big uptrend
Bitcoin and the entire cryptocurrency market have been hit by immense volatility recently.
Just last week there was a huge sell-off across the market that resulted in Bitcoin and all altcoins wiping out weeks of profits. BTC fell to $ 28,000 while ETH hit $ 1,000.
The “V-shaped” rebound set after visiting these lows appears to have been exactly what BTC needed to see its macro uptrend continue.
A trader has described the price movement at the recent lows of crypto as a “dream scenario” that could push Bitcoin to new highs in the coming weeks.
Bitcoin shows signs of strength when bulls take control
At the time of writing, Bitcoin is trading a little over 7% from its current price of $ 34,700. This is a massive rally from the recent lows of just over $ 28,000 last Thursday.
The overall market is growing faster, with Ethereum seeing a parabolic surge yesterday while many DeFi altcoins hit new all-time highs that are multiple times their previous highs.
Analyst: BTC price action is a “dream scenario” for bulls
While the recent consolidation and underperformance of altcoins has been annoying to bitcoin bulls, one analyst believes it couldn’t have been more perfect in preparing BTC for a massive surge.
“BTC: From a purely structural point of view, HTF lows swept, LTF lows swept, clean highs above. This is your dream scenario in a bull market, so I wouldn’t be surprised if we rolled the turbo back to new highs this week. Let’s see what we get. “
Image Courtesy of George. Source: BTCUSD on TradingView.
Unless Bitcoin faces strong selling pressures that reverse its ongoing rise, there is a good chance it will see its next leg higher.
Featured image from Unsplash. Charts from TradingView.