Crypto investors waiting for a sign that the Bitcoin (BTC) bear market is over may now have the confirmation they need.
After holding solid support above the $27,000 level after days of bearish price action, Bitcoin has finally broken out of its bearish trend, according to an analysis by crypto expert Trader Tardigrade on April 26.
The cryptocurrency has been consolidating above its upper trendline for some time, building up momentum to absorb the remaining selling pressure. This has led to an expanding triangle pattern, which Trader Tardigrade believes is a clear signal of a bullish trend reversal.
“Bitcoin bear market ends with an expanding triangle. After building up a consolidation above the upper trendline (green circle), in order to absorb all the remaining selling pressure, BTC will take off.”
BTC next resistance level
Meanwhile, Michaël van de Poppe, another well-known cryptocurrency analyst, has identified a promising trend in the Bitcoin charts. According to his analysis, Bitcoin has held steady above the $27,000 level, breaking through the crucial resistance level of $27,800. This has allowed the digital currency to return to its previous trading range.
Van de Poppe believes that the next resistance level to watch is $28,800. If there is a brief period of consolidation, he predicts that Bitcoin will likely continue its upward trend and reach $30,000. His latest analysis suggests that Bitcoin could be poised for a strong recovery, which could benefit investors looking for a promising investment opportunity.
Bitcoin price analysis
The price of Bitcoin has been on a rollercoaster ride over the past week, with significant short-term volatility. Despite this, the digital asset’s market capitalization remains impressive, currently at $555 billion.
Over the past 24 hours, the price of Bitcoin has seen a moderate gain of 4.87%, reaching $28,674 as per the latest price action data retrieved by Finbold.
However, this follows a 2.14% dip over the last week, indicating that the cryptocurrency is still experiencing some price fluctuation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
