The American crypto exchange Kraken has just published a report for its VIP merchants to the public. The new outlook suggests that Bitcoin (BTC) could be on the verge of a major breakthrough that would finally end the two-year bear market.
The document follows the largest cryptocurrency movement inside a large bullish pennant since 2017. Kraken says Bitcoin is in a strong position to exit the pattern and trigger a new bullish cycle.
“Because Bitcoin has moved sideways for two months and remains at + 10% of breaking strength, many market players believe that Bitcoin should progress considerably. This belief is also based on the fact that the 50-week Bitcoin moving average continues to prove to be a foolproof medium. “
Before the bulls can claim control of the BTC market, Kraken says that breaking long-term diagonal resistance is only the first step.
“Before Bitcoin can confirm a successful breakthrough and invalidate what has been a multi-year macroeconomic downtrend, Bitcoin will have to climb above $ 10,500 to set a high and set off an uptrend. ”
But Kraken warns that the main cryptocurrency is not out of the woods yet. A decrease of 35% from the current price of around $ 9,255 is possible.
“Bitcoin will soon have to decide whether to break resistance and go into a bullish cycle or revise support at around $ 6,000 – $ 7,000. “
You can read the full report here.
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors must exercise due diligence before investing high risk in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Image vedette: Shutterstock / Boris Rabtsevich