Bitcoin price has been trading inside a large bull pennant for the last several years. The chart pattern across the largest timeframes matches the previous pennant breakout, so similar results are expected. The main difference analysts point to, are extended Bitcoin cycles. This means that the cryptocurrency is likely to trade sideways and consolidate longer than most traders would hope or expect.
Any breakout in Bitcoin from its long-term triangle will result in a retest of resistance turned support. BTCUSD will likely grind along this support, bringing an extended accumulation phase. Whales will buy up the asset ahead of the real bull market, taking place at the start of 2023.
For 2021 through 2022, Bitcoin price targets range between $17,000 and $5,000.
Any breakout in Bitcoin from its long-term triangle will result in a retest of resistance turned support. BTCUSD will likely grind along this support, bringing an extended accumulation phase. Whales will buy up the asset ahead of the real bull market, taking place at the start of 2023.
For 2021 through 2022, Bitcoin price targets range between $17,000 and $5,000.