Bitcoin has been flashing some signs of weakness throughout the past 24-hours, as the crypto has been unable to maintain above multiple crucial technical levels
It has once again fallen back within its long-held trading range between $9,000 and $9,300
Although this range could hold strong in the near-term, one analyst is noting that it is almost time for Bitcoin to make a massive trend-defining movement
As for where this next move could lead the cryptocurrency, one indicator suggests that a break below $9,000 would open the gates for a movement to $7,100
Bitcoin and the aggregated crypto market are currently consolidating following an eventful week.
Although the benchmark cryptocurrency’s price action has remained lackluster, many altcoins have been able to incur meteoric momentum that has allowed them to post major gains.
This has led some to call for the start of an imminent “altseason.”
It still remains unclear as to whether these pumps are fleeting movements or part of a large and longer-lasting trend.
Bitcoin’s sideways trading has provided an ideal backdrop for this to occur, but it may not last for too much longer.
One analyst is now noting that one technical pattern suggests that BTC is on the cusp of making a massive movement that will define its trend in the days and weeks ahead.
Bitcoin on the Cusp of a Massive Movement as Trend-Defining Pattern Emerges
At the time of writing, Bitcoin is trading down marginally at its current price of $9,190. This is around the price at which it has been hovering around for the past day.
Earlier this week, the crypto faced a grim rejection at $9,500 that sent it reeling lower. This placed some pressure on the entire market and caused many altcoins to slow their ascents.
As for where the cryptocurrency may trend next, analysts are noting that its Ichimoku Cloud suggests $9,000 is a crucial level to watch, as a break below here could lead Bitcoin to plunge to $7,100.
“1D BTC: Cloud planning trades for you with an IFTTT decision tree… bullish TK cross? re-open longs… close <9k? short to 7.1k,” one prominent analyst explained, offering further observations on the below chart.
Image Courtesy of Josh Olszewicz. Chart via TradingView.
Analyst: BTC is About to Make a Massive Movement
Bitcoin’s reaction to $9,000 may soon grow clear, as another analyst explained that the benchmark crypto is on the cusp of making a big move.
The analyst pointed to a massive wedge formation – similar to that formed last year following the rise to $13,800 – as a factor confirming this possibility.
“BTC – it’s almost time. Two moves from $3k to over $10k. Both with compression at the top,” he said.
Image Courtesy of Josh Rager. Chart via TradingView.
If Bitcoin breaks down from this pattern as it did in 2019, $7,100 is a logical downside target to watch.
Featured image from Shutterstock.
Charts from TradingView.