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The Bitcoin price is currently trading within a converging triangle pattern. This pattern is a bullish pattern, and the last time the converging triangle pattern played out we saw the Bitcoin price surge to over 86% in a very short period of time.
If history were to repeat itself, this bullish price prediction puts the potential price surge for Bitcoin to the $100k price region. This would be an exact scenario repeat of what we saw Bitcoin do the last time it broke out of a converging triangle.
To take advantage of this Bitcoin trade setup, you can sign up using this link to get up to $200 after your first deposit.
Important Levels To Watch
The $51,937 support level is the key level to watch in the coming days. We want to see this level hold and for the Bitcoin price to continue to head higher from here.
A break of this level could signify an increasing weakness in the Bitcoin price and a potential sell-off in the coming days. This same bullish scenario played out the last time Bitcoin formed a converging triangle.
Final Verdict
We want to see the Bitcoin price breakout and close above the top of that converging triangle for our bullish bias to be confirmed. Because even though the pattern is a bullish pattern, there is a little probability that the pattern might fail and decide to sell-off instead.
So we wait to see that breakout confirmation. Until then, Bitcoin is still ranging and trading in no man’s land.
To take advantage of this Bitcoin trade setup, you can sign up using this link to get up to $200 after your first deposit.
We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
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
