Bitcoin price has yet again slumped below $20,000, despite the market sentiments remaining positive before & after the merge. Moreover, after a brief upswing, the prices are expected to drop as the indicators also turn extremely bearish in the longer time frame. In such a scenario, expecting a bull run could be impracticable at the moment.
As the day turns dark, BTC price could also rise above the bearish effects as Star Crypto prepares for another bull run ahead. In addition, a known analyst, citing data from Balkowski, predicts a growth probability of 60%.
The analyst highlights the repetitive patterns being followed by Bitcoin since its inception. The BTC price has formed a couple of symmetrical triangles, prior to every breakout in 2016 & 2019. After the price broke out from the triangle, the price soared high to form a new ATH each time. Interestingly, the crypto has formed a similar pattern at the moment and is hence primed for a breakout in the near future.
Bitcoin (BTC) price is currently trading at $19,822.55, down 1.64% over the past 24 hours. The price may continue to trade around the same level for some more time until the consolidation peak is reached. With a breakout, the price may eventually rise above the key hurdles and ignite a strong bull run very soon.
