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Analyst: The Next Bitcoin Break Will Set The Stage For Weeks To Come

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Bitcoin is exhibiting confusing price action currently, reeling from the slew of negative news but withstanding a fall back to retest lows. Eventually, the stalemate between bulls and bears will break, and an enormous decision-making move will result.

Whichever way Bitcoin breaks next, one crypto analyst says, will set the trend and grand stage for the crypto market for weeks to come. Here are the two levels to watch for a clear breakout.

Bitcoin Breakout Expected To Set Trend For Rest of The Year And Beyond

The leading cryptocurrency by market cap has shown incredible resiliency in recent weeks, facing news that during the bear market would have sent prices tanking.

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Yesterday’s tweet from United States President Donald Trump rejecting a proposal from the House of Representatives for another round of stimulus sent Bitcoin lower, alongside stocks and more.

Related Reading | Dwindling Bitcoin Volatility Could Lead To Decisive Move

But support at $10,500 has been holding strong, making the seven consecutive tests of $10,000 seem like a distance memory. Meanwhile, bulls have been unable to generate enough momentum to push prices back beyond $12,000 where local 2020 highs were set.

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All at the same time, volatility is dropping and the trading range is tightening, suggesting a large, decisive move is coming soon enough. According to one crypto analyst whatever direction Bitcoin price takes next, it will decide the trend for “coming weeks.”

bitcoin btcusd

BTCUSD Tightening Range - Breakout To Set Trend For "Weeks" | Source: TradingView Via Bitazu Capital

What An Upside Breakout Could Mean For The Cryptocurrency Market Cycle

The comments come from Mohit Sorout founding partner at Bitazu Capital, who shared the above chart to demonstrate the two levels Bitcoin must breakthrough in either direction to set the coming trend.

With less than 12 weeks left in 2020, the four-year cycle theory based on the overall BTC supply, and each subsequent halving is at risk of being invalidated.

Related Reading | Bitcoin Price Has “12 Weeks” Left To Validate Four-Year-Cycle Theory

If these models are correct, following past trajectories suggest that a break to the upside would begin a new bull market. While a breakdown from these levels could lead Bitcoin into the unknown.

The current breakout range for confirmation of trend change or continuation is roughly $1,000, stemming from $10,200 to $11,200 according to Sorout’s chart from TradingView.

Sorout is a self-proclaimed volatility and momentum “algo” trader and appears to be utilizing a proprietary tool for analysis. Both have recently been dwindling, resulting in this tightening range. But when it breaks, whatever trend follows is likely to dominate Bitcoin for the rest of the year.

Featured image from Deposit Photos, Charts from TradingView Via Bitazu Capital
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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