Bitcoin is looking very bullish, with a strong breakout ending the downtrend for Bitcoin. It is also possible that Bitcoin will go on to make a new all-time high by the 19th of March. You are mostly going to enjoy this surge if you bought the dip when Bitcoin dropped.
Today is a beautiful day for Bitcoin; the breakout that we are looking at on the chart above is playing out very well. Throughout yesterday we noticed a remarkable trend reversal forming up for Bitcoin.
That breakout of the line of resistance that will retest that line of resistance flipping in to support is a very bullish signal. This all played out yesterday, and today, the price of Bitcoin is skyrocketing.
We have broken the line of diagonal resistance, and now we are moving higher. We have also gone past the wicks at 52 thousand dollars.
Bitcoin is looking very bullish, and that downtrend for Bitcoin was shallower and shorter-lived than the one we had in January. This is not a big deal because no downtrend is the same. There is no stipulated rule or procedure depicting how a market downtrend will play out, but we use the past charts to have an idea of what might happen because history tends to rhyme.
In January, after they breached the line of resistance, it took about ten days to see Bitcoin hit a new high price. If we see a similar situation playing out for Bitcoin now, we have done a breakout, and then we can expect to see bitcoin hitting a new price by the 19th of March, sort of. But since this downtrend was shallower and shorter, it might even happen sooner than expected.
This does not mean that Bitcoin is surging up to being a six-digit asset, but we are looking to retest those key lines or resistance of 58 thousand dollars. We may even flip it and get up to over sixty thousand dollars.
This is not a guarantee, but from what the technicals show, if the trend continues, Bitcoin may get to sixty thousand dollars sometime next week or later this week.
Miners selling bitcoin is very low right now after the crazy selling frenzy of January when miners were selling anywhere between 17 to 24 thousand Bitcoin a day. The pressure for miners has reduced drastically; there were a few days where miners were not even selling any Bitcoin and even had a net gain in terms of their total supply.
