Over the past few days, I have watched the Bitcoin price go from extremely bullish and volatile to becoming choppy and indecisive. This has led to Bitcoin traders asking a lot of questions like; is the Bitcoin bull run over? Will the Bitcoin market tank soon? Is Altseason still on the table?
In this Bitcoin analysis, I will be answering those questions and more to the best of my ability.
I will also be doing a follow-up from my Bitcoin analysis yesterday, shedding more light on the bearish double top pattern I talked about and giving you more updates on what I think is currently happening in the market.
The Bearish Pattern Still Trading On Very Low Volume
In my previous analysis titled “Watch Out For This Bearish Double Top Pattern Forming On Bitcoin“, I talked about the bearish double-top pattern that was forming on the 4-hour chart and the potential for the Bitcoin price to crash to the $10,000 region.
Well, that bearish price prediction as been playing out really well so far.
However, I also pointed out a rapidly declining volume and how a lack of increasing bearish volume might affect my bearish outlook on Bitcoin.
Well, 24-hours later, that bearish volume is still declining and doing so very fast.
This rapidly declining volume makes my bearish outlook on Bitcoin a low probability trade setup. And the reason for that is because there is now a high probability that we see a price fakeout due to this low bearish trading volume.
Are We Entering A Sideways Market?
The low trading volume also gives me hints that we might currently be in a ranging market right now.
And the pattern I am currently basing this assumption off of is the rising triangle pattern currently forming.
If the Bitcoin price remains withing this rising triangle pattern, then I expect to see Bitcoin range sideways in the coming days as it gathers momentum for a breakout in the future.
What Does This Mean For Altcoin?
From past results, we know that the Altcoin market performs exceptionally well whenever the Bitcoin market is ranging and trading on very low volume.
And that as already started now, with a lot of Altcoins already making massive bullish moves against Bitcoin.
I expect this bullish move in the Altcoin market will continue until Bitcoin breaks out of this ascending triangle and out of its current ranging market.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
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.