A closely followed crypto strategist says Bitcoin (BTC) is forming a bullish pattern similar to what was seen earlier this year before massive increases.
analyst Justin Bennett shares with his 115,700 followers on the social media platform
An ascending channel is typically considered a bullish pattern because it suggests an asset is making higher highs and higher lows.
According to Bennett’s chart, Bitcoin briefly traded below the pattern’s diagonal support in February before a two-fold rally within a few months.
“We have seen BTC channels like this before, like this one in December and January last year, just before the price of Bitcoin doubled.
I doubt it will be any different this time.”
Bennett says that Bitcoin is currently exhibiting a similar pattern and that BTC may be able to spark fresh rallies if it reclaims the $100,000 price area as support.
“While I think dips are for buying (spot), the highest conviction perpetual long will occur on a reclaim (daily chart+) of the $99,000 to… area.
