Bitcoin Price Outlook Remains Bullish for The Coming Weeks, Traders Indicate
A lot of eyes are on the Bitcoin price chart right now. That is only normal, as this market dictates the pace for all other cryptocurrency markets as well. As Bitcoin is now subjected to some uncertain momentum, the mid-term price predictions are becoming all the more relevant. The following predictions show things can get pretty interesting, although not everyone will agree with these outlooks.
For the past few weeks, it would appear a lot of cryptocurrency users claimed the bear market is finally over. When looking at today’s price chart, it seems that may not necessarily be the case just yet, although this latest dip doesn’t seem to be too severe either. EXCAVO had taken this dip into consideration, as this user claims it is part of the ongoing uptrend. Achieving the $5,000 level has been a big success, but it quickly became apparent there would be some negative price pressure in the weeks afterward as well.
When looking at this mid-term and long-term Bitcoin price chart, however, there may be a lot of more momentum to look forward to. It seems there will be no further big retrace as the price pushes through to $29,000 in the coming months. That is a very optimistic outlook first and foremost, but it is not necessarily impossible to reach either. Further down the line, this trader expects one Bitcoin to be valued at $89,000 by 2022 or 2023, which would be something to look forward to.
Depending on how much one stares at the Bitcoin price chart, different patterns may begin taking shape. According to Botje11, it seems the dip $4,600 will not materialize in the end, as there has been a lot more buying support than originally anticipated. It also seems Bitcoin broke through the $5,250 level in a semi-convincing manner, albeit holding on to those gains has proven to be rather difficult. This leaves a lot of wiggle room on the table, as determining the next pattern to form will be rather challenging.
If there is one thing to take away from the current market trend, it is how the bulls will attempt to remain in control for quite some time to come. The uptrend is still in place, but it is also taking quite some time to move up to a higher level in the process. As such, it seems there will be either a real bull flag pattern forming, or a FOMO triangle. Either one could prove to be beneficial to Bitcoin in many different ways, although this market will remain unpredictable first and foremost.
For those traders who like to zoom in up close on their Bitcoin charts, the prediction shared by IgorPorokh will undoubtedly catch a lot of attention. This user expects a Bitcoin rising flag pennant to come into play, and he has the signs to back up this claim. More specifically, the market has broken out recently and seems to reach higher values after every small or medium-sized dip. That is something most traders cannot refute, even though the price has ping-ponged a bit as of late.
Even so, as the upward momentum carries over, it seems to be a matter of time until another decisive breakout takes shake. Right now, there is no indication another major BTC price push will materialize, although one never knows what the future will hold in the process. Assuming this chart comes true, however, there may be a lot of promising momentum in the coming days and weeks.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.