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Home Cryptocurrency news Bitcoin

Decision Time: Top Crypto Traders Expect Massive Bitcoin Move In Days Ahead

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin
Reading Time: 3min read
bitcoin crypto traders
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For forty days and forty nights, Bitcoin price has been trading above $8,000 but has repeatedly failed to hold above $10,000. A series of higher lows has kept buying strong, but the cryptocurrency has failed to gain the momentum it needs to break through the critical resistance.

The push and pull of buyers and sellers has brought Bitcoin to a decision point, and although most crypto traders are divided on the direction of any move, most top traders agree that a massive move is incoming.

Remembering Three Years of Cryptocurrency Price Action

After nearly three full years of a bear market, cryptocurrencies may soon be ready to break out. Failure to launch, however, could lead to disaster.

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In late 2017, Bitcoin price rose to its current record high of $20,000, creating the highest touch of what has since become the top of a powerful downtrend line. Following an 80% fall, the cryptocurrency bottomed out at $3,200.

An echo-bubble later formed in early 2019, topping out in June 2019 at $14,000.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend

In early 2020, crypto assets took off on over 100% rallies and Bitcoin once again found itself touching the top trend line. A strong rejection followed by the world first learning about the pandemic, caused a devastating selloff now referred to as Black Thursday.

The fall took Bitcoin price back to the bottom of the trend line, coinciding with the logarithmic growth curve. Bitcoin momentarily broke below the log line that had been supporting the asset’s long-term uptrend throughout its entire history.

The asset has since reclaimed the line in what is now considered one of the greatest shakeouts to ever occur in the crypto market.

It All Leads To This: Bitcoin To Make Decision Defining Move In The Days Ahead

After the Black Thursday selloff, Bitcoin price has rallied over 150% and has made several attempts to break and hold above resistance at $10,000.

Failure to do so, however, has yet to lead to a strong correction.

Not only is Bitcoin dealing with important psychological resistance, but the asset is also once again touching the top of the long-term triangle formed throughout the bear market.

Crunch time…. pic.twitter.com/OWWlg2XNyr

— dave the wave (@davthewave) June 8, 2020

All of the cryptocurrency’s most important lines are converging, even some of the longest term moving averages.

Bitcoin price has now been consolidating for more than six weeks, and the collective cryptocurrency market is in agreement: a massive move is coming in Bitcoin.

With so many critical supports and resistances converging all at once, any resulting move is bound to be explosive.

Related Reading | Bitcoin Following Eerie Amazon Dot Com Fractal Would Lead To Retest of $20,000 Record

A breakout of the triangle could cause a surge of FOMO buying, similar to the 2019 rally that pushed the price per BTC from $3,200 to $14,000 in a little over 90 days.

A breakdown, however, could be disastrous for the cryptocurrency.

Miners are currently struggling to remain profitable, and a deep crash in Bitcoin could cause mass capitulation of any of the weakest miners remaining, prompting them to liquate holdings. The capitulation of miners may cause a wave of panic selling that leads to a deep correction.

How deep it goes and if a correction happens at all is anyone’s guess. The only thing traders are agreeing on is that it is time to pay attention to prepare for the cryptocurrency’s next major move.

Tags: bitcoinbtcusdBTCUSDTcryptoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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