3 Trends That Cause Bitcoin Ready For A Breakout

After the news reported the U.S. Department of Justice and Commodity Futures Trading Commission suing BitMex for operating the illegal derivative trading platform. Analysts predict that Bitcoin will soon break out as the coin’s price action gradually shrinks.

Technical trend shows that Bitcoin is coming to break out

The indecisive sentiment of the money 4.0 market has affected Bitcoin’s price action, the market stops growing, transactions become sparse, and investors remain cautious. Famous trader, CryptoHamster, says there are 3 trends that indicate BTC is set to go through a strong breakout, these include:

Bitcoin is in a symmetrical triangle and the price has reached the top of the triangle. This suggests that it will soon see a 

strong breakout.

Bitcoin’s market volume is declining, suggesting a breakout is imminent.

The width of the one-hour Bollinger Bands is getting tighter every day.

             Price action chart of BTC over the past few days. Source TradingView.com

Raise expectation 

Analysts are currently quite optimistic despite the negative news that could push Bitcoin lower. Simon Dedic, the co-founder of crypto research firm Blockfyre, recently stated:

“Once you understand that the media is simply a powerful market manipulator, you can start fighting it. The underdogs sell in panic in fear as the news goes viral, while smart people make money on it. Buy every time BTC, ETH price drops, FA doesn’t change. What kind of person are you? “

This opinion has been echoed by Willy Woo, a Bitcoin analyst best known for tracking trends on the chain.

Woorecently asserted that BTC is likely to go higher, even in the face of the aforementioned bad news events. One reason he is so optimistic about Bitcoin is that there has been a spike in the number of coins “swapped,” which usually happens when BTC is at a mid-term brace.

For example, before Bitcoin surged in July, exchange-traded coins data also saw a spike.