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Bitcoin Is Preparing Ground For $30K Test

At the beginning of this week, a downside correction in the Bitcoin market may prepare a new run-up towards $30,000, Teddy Cleps says.

In a trend progression pattern, the independent market analyst tweeted a theoretically bullish set up on Monday, predicting the Bitcoin price. Traders will note the cryptocurrency consolidating inside a triangle-like structure in the chart following its parabolic upside turn on Sunday over $28,000.

As bitcoinist.com reported, it seems like a possible Bullish Pennant that might technically push the price of Bitcoin higher by as much as the surge that followed its formation, aka “flagpole.” As calculated by Bitcoinist, it is around $ 3,652 long. The bitcoin price thus has a great potential to touch $30,000 should it break the Pennant from its apex to the upside. “The rejection from $28,000 was just telling us where the next triangle started,” said Mr. Cleps. “Let it consolidate, let it reach an apex, let it break out, and then show us the way to $30,000.”

When Bitcoin reached one record high after another, the bullish analogy surfaced. The cryptocurrency hit a new $28,387 on Sunday as the Christmas holiday stayed near to traditional markets. Meanwhile, Bitcoin Futures’ aggregate open interest reached another record level of $8.9 billion, further reflecting the optimism of the market.

Bitcoin aims to maintain its earnings on booming institutional adoption, Robbie Liu, a researcher at the OKEx cryptocurrency exchange, noted. Usually, after a rally, the leading crypto corrects lower as the attention of traders switches to their rivals, causing a so-called “altcoin rally,” which is no longer the case.

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