New all-time high for bitcoin „within days“: asset manager
The bitcoin price has been consolidating in an ever-tightening range between its current all-time high around $42,000 and a low of almost $28,000.
But could a new all-time high be just days away? The CEO of a capital management firm thinks so and has shared a chart showing a clear technical breakout in the Bitcoin Pro top cryptocurrency by market cap.
Here’s a closer look at the current price action and possible upside targets.
Bitcoin to reach new all-time high in days or weeks – after technical breakout
Although it was the narrative and perfect storm scenario of 2020 that brought Bitcoin into the financial spotlight, it is now more likely that 2021 is proving to be THE Bitcoin year.
FOMO is spreading like wildfire and participants now range from retail investors to corporate CEOs, institutions and other wealthy individuals. Celebrities are acting as „echo chambers“ and the mainstream media is promoting the frenzy with daring headlines claiming valuations are reaching hundreds of thousands of dollars per coin.
Outrageous as it may seem, the cryptocurrency has been known to rise parabolically every four years – and each phase of appreciation has been more shocking than the next.
The first big rise took Bitcoin (Go to Buy Bitcoin at eToro guide) to $1,200, and it reached $20,000 in 2017. The current all-time high is $42,000, but according to a capital manager who focused on Bitcoin in some recent tweets, he believes another new record is only „days or weeks away“.
Jeff Ross, founder and CEO of Vailshire Capital Management LLC, claims that a bullish technical breakout has been „confirmed“ and given the „wildly bullish“ macro setup, Bitcoin will reach new all-time highs in a matter of days or weeks („Giga-pump“ in Bitcoin?).
Ross shared a chart showing what appears to be a descending triangle pattern that the top cryptocurrency has broken out of.
The upper descending trend line was retested as resistance
After the bullish retest held for several days, the pattern is „confirmed“ according to Ross. However, technical analysis is somewhat subjective, and the typically bearish pattern itself can be drawn to indicate that the bulls are not out of the woods yet.
The descending triangle has been a thorn in the side of cryptocurrency investors since 2018 and has led to some of the most devastating downside moves Bitcoin has seen.
Could it be as simple as the bulls have already broken the upper trendline – or could the triangle be a bull trap in the making? Drawn differently, the upper trendline is still holding Bitcoin in check for now.