Over the last two weeks, the world’s largest cryptocurrency Bitcoin (BTC) has entered a major consolidation and has been struggling to break past the $28,000 level. The good thing is that Bitcoin has also shown limited downside volatility.
On-chain setup for Bitcoin shows that it could be gearing up for a strong show going ahead. Popular crypto analyst Ali Martinez points out the Adjusted SOPR (aSOPR) for Bitcoin which is signaling a bullish momentum ahead. In one of his recent tweets, Ali wrote:
“Another #Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic”.
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As per our technical analysis, the Bitcoin (BTC) price action is currently forming a pennant pattern. A potential breakout above this pattern could hint at the upward continuation of the BTC price action.
Analysts are bullish on Bitcoin’s continued price action and are expecting much higher price levels from here as long BTC continues to hold the support of $27,600. Popular crypto analyst Michael van de Poppe wrote: “Price action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we’re coming from $15K, I’d assume we’ll be seeing a strong continuation. For now, support at $27,600 is sustaining”. He further wrote:
“Bitcoin still acting into the higher timeframe resistance at $28-30K. Powell’s policy of hiking interest rates most likely coming to an end -> ingredient for relief. If #Bitcoin breaks $28-30K, $40K and $46K are next + likely substantial breakouts of altcoins due to confidence”.
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