In the 1-hour timeframe, the price of bitcoin has been moving in a range that corresponds to a major Channel Pattern for the past few months. This channel pattern provides us with a crystal clear image of what we should exactly anticipate from BTC as well as the important levels that we should keep an eye on in the days ahead.
And just at this moment, the price of BTC is testing the support channel of this channel pattern, which indicates that there is a possibility of a price bounce occurring in the days ahead.
In this Bitcoin analysis, we will be dissecting the bullish pricing scenario for Bitcoin as well as the important levels that we are currently keeping an eye on right now!
Sign up for a Bybit account right away to start trading Bitcoin with leverage. The LARGEST Bonus Campaign Ever Offered by Bybit Is Now Live! When you use our Bybit link to join up for an account and make a deposit, you are eligible to receive up to a $4,450 bonus as well as up to 30 days with no Maker fees.
Bitcoin Putting This Crucial Support to the Test!
Since the beginning of this year, the important support provided by the Channel Pattern has been acting as a consistent level that the bulls have been able to maintain. This indicates that there is a very high likelihood that we will begin to see buyers enter the market around this region in the coming days.
Note: In order for this bullish forecast about Bitcoin to come true, the BTC bulls need to honor this important support channel in the 1-hour timeframe and continue to trade above it. This is required for the prediction to work.
In the next days, if this support holds, we might witness the same pattern that has played out in the past for the price of bitcoin.
This is a potential increase in the value of Bitcoin of plus twenty percent, and we may see it play out at any point in the following days.
However, for this bullish prognosis to continue to hold water, the Bitcoin price in the 1-hour time frame must maintain its position above the channel support and continue to trade in that direction. There is a very good chance that we will see additional buyers start to reenter the Bitcoin market as long as this level remains intact. The likelihood of this happening is very strong.