• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin May Soon Face Major Bull Movement, if History Rhymes

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement

Bitcoin’s recent bout of intense selling pressure has slowed as the crypto finds some support within the lower-$8,000 region, which appears to be holding strong as its price has been able to slowly inch higher in the time since BTC touched its near-term support level.

Analysts are now noting that Bitcoin may currently be expressing a similar pattern to that seen in 2017, which could mean that it is exiting its corrective period and entering another fresh uptrend, assuming that history rhymes.

Bitcoin Holds Steady Above Near-Term Support as Next Consolidation Phase Begins

At the time of writing, Bitcoin is trading up under 1% at its current price of $8,562, which marks a slight climb from its recent lows of under $8,400 that were briefly set during its recent drop, at which point it incurred a slight influx of buying pressure that helped slow its decline.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It does appear that Bitcoin is once again entering a fresh consolidation period, which may mean that it will trade sideways around its near-term support level before it incurs another swift movement.

This notion is supported by the fact that BTC’s Bollinger Bands have been tightening up in the time following its recent drop to its current levels, which typically signals that a big movement is imminent.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to BTC’s one-hour candle chart.

“$BTC #Bitcoin – Bands are tight on the 1 hour,” he explained while referencing the below chart.

$BTC #Bitcoin – Bands are tight on the 1 hour pic.twitter.com/lWCWbbiXRi

— Cheds (@BigCheds) November 16, 2019

Will BTC Soon See Similar Price Action to that Seen in 2017? 

Bitcoin’s recent price action may be similar to that seen in 2017, according to one analyst, who notes that the recent series of downwards movements could simply mark stop runs that will ultimately be proceeded by another major upwards movement.

HornHairs, a popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, noting that Bitcoin may soon leave its current corrective period.

“I still remember the exact moments of each of these stop runs on $BTC during 2017. Each turned out to be a turning point and end of a corrective period in the larger bull run. I can’t help but think we saw the exact same thing happen recently, just on the weekly chart,” he explained while offering a side-by-side comparison of the charts seen below.

I still remember the exact moments of each of these stop runs on $BTC during 2017. Each turned out to be a turning point and end of a corrective period in the larger bull run.

I can't help but think we saw the exact same thing happen recently, just on the weekly chart. pic.twitter.com/0CVsr2C1mu

— HornHairs ? (@CryptoHornHairs) November 16, 2019

The coming weeks will likely offer insight into the validity of this possibility, as any surge from BTC’s current levels could confirm that this corrective period is truly over and that further gains are imminent.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare33
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

2 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

2 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

3 hours ago
Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

3 hours ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

4 hours ago
layer 1

Top 5 Things to Check Before Investing in a Layer 1 Protocol

8 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.