Up 45%: Is Bitcoin’s Price Preparing for Long-Term Bull Market?
Bitcoin’s (BTC) 45 percent month-on-month rally has likely put the leading cryptocurrency on the path to long-term success, technical studies indicate.
As of writing, BTC is changing hands at $8,300 on Bitfinex, having clocked a two-month high of $8,507 on Tuesday.
A month ago, it was all gloom and doom in the bitcoin market, perhaps warranted, as the cryptocurrency had created back-to-back long-term bearish chart patterns in the month of May and June. Consequently, BTC looked primed for a move lower to $5,000.
However, the inverse head-and-shoulders breakout seen earlier this month confirmed a short-term bearish-to-bullish trend change. Furthermore, the convincing break above $8,000 seen this week appears to have set the stage for a long-term bull market.
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