Bitcoin (BTC) is primed for a price breakout after beating out volatility, but April may still produce a surprise sell-off.
In his latest market update on April 2, filbfilb, co-founder of trading suite Decentrader, said that he now expects upside to take over on BTC/USD.
BTC/USD 1-day candle chart (Bitstamp). Source: Tradingview
BTC “threatening a breakout”
Bitcoin has recovered from its flash crash earlier in the week and briefly hit $60,000 overnight on Friday.
With seven-day gains still at 13%, there are plenty of reasons to be bullish in the short term now that consolidation looks set to conclude, filbfilb argues.
“With the weekend looming amidst a buoyant week; it’s difficult not to be optimistic,” he summarized.
“I’m not thinking we will break out with as much ferocity, but I do think that we are on the brink of a strong breakout.”
A comparison worth noting is what happened to Bitcoin when it originally broke through $20,000 resistance. A pattern of sudden breakouts following a protracted period of consolidation and regression couldTitle: Bitcoin ‘on brink of strong breakout’ says analyst ahead of Coinbase IPO
Sourced From: cointelegraph.com/news/bitcoin-on-brink-of-strong-breakout-says-analyst-ahead-of-coinbase-ipo
Published Date: Fri, 02 Apr 2021 14:00:00 +0100