RATE Group | Here’s What to Possibly Expect From Bitcoin This Week
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Here’s What to Possibly Expect From Bitcoin This Week

18 Nov Here’s What to Possibly Expect From Bitcoin This Week

Posted at 00:28h in Bitcoin News by

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  • China-based cryptocurrencies surge as bitcoin consolidates.
  • If volume picks up, BTC could break above $9,700.
  • One of the most prominent analysts in the industry shares his views on the pioneer cryptocurrency for this week.

Following Chinese President Xi Jinping’s decision to embrace blockchain technology, many China-based cryptocurrencies have seen a significant spike in their market value. VeChain, for instance, has moved up a whopping 185% while NEO has skyrocketed nearly 100% since then.

Despite the high volatility seen across these altcoins, bitcoin has been lurking without much action. A renowned technical analyst in the crypto community believes that BTC is on the verge of a significant price movement.

Bitcoin is consolidating while VeChain and NEO are skyrocketing. | Source: TradingView

Volume is needed for BTC to rise

The low level of volatility seen in bitcoin over the last three weeks led the formation of a descending parallel channel on its 12-hour chart, which is…

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