For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually underperforming Ethereum’s 4% and XRP’s jaw-dropping 12%.
Despite this, analysts are becoming certain that a strong continuation to the upside over the coming days is likely. Here’s more on that.
Bitcoin Ready to Surge Higher
Josh Olszewicz, an analyst at Brave New Coin, recently noted that an inverse head and shoulders chart pattern — a bullish pattern that is likely to mark a strong bottom for BTC — is playing out for Bitcoin.
Also, a textbook Wyckoff Reaccumulation pattern suggests that BTC will break higher and higher in the coming days, in an upward move that will bring the asset back to the high-$7,000s.
Related Reading: This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000
Longer-Term Outlook Positive Too
On a longer-term basis, Bitcoin appears to be getting bullish too.
Per previous reports from this very outlet, trader CryptoHamster recently noted that Bitcoin’s on-balance volume reading — an indicator which “uses volume flow to predict changes in stock price” — is printing a clear falling wedge pattern, a chart pattern marked by falling prices (or in this case, a reading) and a tightening range.
In this case, the falling wedge seems bullish, with the Bitcoin-related on-balance volume reading rallying, implying imminent continuation to the upside.
— CryptoHamster (@CryptoHamsterIO) January 4, 2020
Not to mention, according to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity — correlated closely with market cycles — are showing clear signs that Bitcoin is decisively not in a bear market.
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