RATE Group | This Pattern Suggests Bitcoin May Soon Experience “Max Pain Scenario”
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This Pattern Suggests Bitcoin May Soon Experience “Max Pain Scenario”

26 Jan This Pattern Suggests Bitcoin May Soon Experience “Max Pain Scenario”

Posted at 18:18h in Bitcoin News by

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The past few weeks have made it increasingly unclear as to where Bitcoin and the crypto markets are heading next, as BTC has now entered a firm consolidation trend that has led it to trade sideways within the mid-$8,000 region.

One prominent cryptocurrency analyst is now noting that Bitcoin could be on the cusp of entering a “max pain scenario” that leads BTC to firmly trade within an incredibly wide trading range until investors’ interest in the market dries up.

Although this does spell some trouble for the crypto in the near-term, it is important to note that this may be the type of mid-term price action that is required for Bitcoin to garner enough momentum to extend its 2020 uptrend to fresh yearly highs.

Bitcoin on the Cusp of Entering a Massive Trading Range 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $8,500, which marks a notable climb from its daily lows of $8,300.

It is important to note that BTC has been struggling to move back…

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