RATE Group | No Bitcoin Price Breakout for Another Year; Here’s Why
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No Bitcoin Price Breakout for Another Year; Here’s Why

24 Oct No Bitcoin Price Breakout for Another Year; Here’s Why

Posted at 17:57h in Bitcoin News by

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A zoomed out version of the bitcoin chart shows it would take the cryptocurrency another 365 days to achieve a full-fledged upside breakout.

Brought to notice by Teddy Cleps, a prominent cryptocurrency analyst, the weekly Bitcoin chart shows the possibility of it forming a massive bullish pennant. In retrospective, a Pennant structure marks a pause in the price movement of an asset midway, followed by a strong breakout in the direction of the trend. However, if the formation lasts longer than four weeks, traders often start treating the Pennant as a symmetrical triangle.

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Bitcoin price might be trending inside a bullish pennant | Source: Teddy Cleps

Unlike Pennant, a Symmetric Triangle formation could give either of the two scenarios: a breakout or a breakdown. In the case of the latter, the price moves in the downside direction, with target equivalent to the height of the triangle. Should such a scenario takes place, bitcoin will fall to as low as $1,000.

“What if the last run to 14k…

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