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The Bitcoin price has for the past few months now ranging within a key Channel Pattern in the 1-hour timeframe. This channel pattern offers us a clear picture of what exactly to expect from BTC as well as the key levels to watch out for in the coming days.
And right now, the BTC price is testing the support channel of this channel pattern, indicating that we might see a price bounce in the coming days.
In this Bitcoin analysis, we will be breaking down the bullish price scenario for Bitcoin as well as the key levels we are currently watching right now!
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Bitcoin Testing This Key Support!
This Channel Pattern key support has served as a unique level the bulls have always held for the past few months now. This means there is a very high probability that we might see buyers begin to come into the market around this region in the coming days.
Note: For this bullish prediction in Bitcoin to be valid, the BTC bulls must respect and continue to trade above this key support channel in the 1-hour timeframe.
If this support holds, we might see history repeat itself for the BTC price in the coming days.
This is a potential +20% surge in the value of Bitcoin and we might see it play out anytime in the coming days.
But for this bullish prediction to remain valid, the BTC price must hold and continue to trade above the channel support in the 1-hour timeframe. As far as this level continues to hold, there is a very high probability that we might see more buyers begin to reenter the BTC market.
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