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Confirming This Pattern Could Send Bitcoin Rocketing Towards $46,000
Bitcoin has seen mixed price action as of late, with bulls and bears largely remaining at odds while the crypto ranges between $30,000 and $40,000
The cryptocurrency has been quite heavy as of late due to the intensity of each of its recent rejections, which has given bears a slight edge
However, $30,000 remains a bedrock support level, and a continued bout of trading above here is bullish for BTC
One trader is now noting that the cryptocurrency could be positioned to see further upside if it can confirm a bullish technical pattern that is forming
If confirmed, he claims that Bitcoin has a solid chance of seeing a move up towards $46,000 in the mid-term
Bitcoin’s mixed price action as of late hasn’t been explicitly bearish, despite its inability to gain any momentum.
Sentiment has been hit hard due to the speed at which sellers have faded each pump, but the crypto’s support in the lower-$30,000 region has held strong and is showing no signs of budging anytime soon.
One analyst is now optimistic on BTC’s near-term outlook, noting that it could soon see a swift move up to $46,000 if bulls can post a bullish kumo breakout over the coming week.