Up 45%: Is Bitcoin’s Price Preparing for a Bull Market?

Bitcoin’s (BTC) 45 percent month-on-month rally has likely put the leading cryptocurrency on the path to a long-term bull market, technical studies indicate.

As of writing, BTC is changing hands at $8,300 on Bitfinex, having clocked a two-month high of $8,507 on Tuesday.

A month ago, it was all gloom and doom in the bitcoin market, as the cryptocurrency had created back-to-back long-term bearish chart patterns in the months of May and June. Consequently, BTC looked primed for a move lower to $5,000.

However, the inverse head-and-shoulders breakout seen earlier this month confirmed a short-term bearish-to-bullish trend change. Furthermore, the convincing break above $8,000 seen this week appears to have set the stage for a major bull run.

Daily chart: Falling channel breakout

To start with, the pennant breakdown witnessed on June 9 had signaled a revival of the sell-off from the record high of $20,000 reached in December 2017.

However, the ensuing sell-off ran out of steam at…