Last week, we saw a lot of movement and volatility come into the Bitcoin market as the Bitcoin price made a massive price surge to the upside and a crash back down to the $9,000 support region.
I was able to call both these moves out before they occurred in my daily Bitcoin analysis. “Altcoin Pumping, Bitcoin Breaking Key Resistance. Start Of A New Bull Run?” and “Red Flags: Bitcoin To $9,700 Or Will Bears Step In? Chainlink To $10?“
In this Bitcoin analysis, I will be talking about the current Bitcoins price action and patterns developing and my outlook for the cryptocurrency for both the bullish and bearish scenarios.
Bitcoin Bullish Outlook And My Price Predictions
The Bitcoin price is currently trading within two bullish patterns, the rising triangle (labeled with the yellow line) and the falling wedge pattern (labeled with the white line).
For my Bitcoin bullish prediction, I believe this week, we might finally see a price breakout of the falling wedge pattern to the upside.
This breakout could lead to a massive surge in the Bitcoin price to around the $10,000 resistance region.
The most important level to watch out for when it comes to this bullish price prediction is the top channel of the falling wedge pattern.
This channel as served as a super-strong resistance on numerous occasions and might prove difficult for the price to breakthrough.
Bitcoin Bearish Outlook And My Price Predictions
The current prolonged sideways movement in the Bitcoin market and the recent price surge in Altcoins have led a lot of Bitcoin traders to begin having bearish sentiments and outlook on the Bitcoin price.
For me, I am currently keeping my eyes on a very important cluster of price support that must be broken before I can become bearish on the Bitcoin for the short term this week.
A price break and close below that cluster of support between $9,000 and $8,800 could see more bearish pressure entering the Bitcoin market and pushing price down for the week.
My initial targets for this bearish move are the $8,500 to $8,400 region. These regions have served as support in the past and might push the Bitcoin price back up.
However, if this $8,500 support gives way, then we can expect the bearish momentum to pick up and for the Bitcoin price to crash as low as $7,000 or even $6,000 in the coming days.
I will be keeping an eye on this development as the days go by and updating you daily here on my Bitcoin analysis on what I think the Bitcoin price wants to do.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.