Analysts watch Bitcoin’s multi-month build-up phase as the bears weaken

• Bitcoin is showing immense signals of strength today, with its rebound from yesterday’s decline to $ 14,400 which is an impressive demonstration of the bulls’ current control over the activity.
• This rebound has significantly strengthened its technical outlook and only further confirms what many have already suspected: the declines relate to purchases in this market environment.
• An analyst is now observing that Bitcoin may soon begin an accumulation phase before it can bid to set new all-time highs.
• If this path clears up, the cryptocurrency may be ready to see some side trading before it can push higher.

Bitcoin and the aggregate cryptocurrency market are seeing incredibly strong price action today. This comes in the wake of an intense pullback that has led some investors to anticipate a turnaround in favor of the bear.

This has yet to come to fruition and the intense recovery seen in the last few hours confirms that this is a bull market and that declines are to be bought.

A trader is now observing that the benchmark cryptocurrency may soon enter a prolonged accumulation phase towards the end of the year.

Bitcoin is showing signs of strength as analysts’ eyes move higher

At the time of writing, Bitcoin is trading more than 5% higher at its current price of $ 15,620. This marks a huge rise from the cryptocurrency’s recent lows of $ 14,400 set yesterday afternoon.

This selloff was the first major decline seen since it rose to $ 16,000 earlier this week, although the intensity of the rebound after hitting these lows indicates that the bulls are in full control.

Unless the bulls face another rejection at $ 16,000, there is a strong possibility that new annual highs are imminent.

BTC could see a multi-month accumulation phase: Claims Trader

A trader stated in a recent tweet which is waiting for Bitcoin to enter an accumulation phase that allows it to see a further upside in 2021.

“Monthly BTC / USD: Still looking so good, I would like to see a build up here over the next 2 months in 2021, I think it’s mega bullish if support is held at $ 13800. Bears still look pretty weak across the board for now. , I’m just watching, no leverage want. “

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

If Bitcoin manages to close its weekly candle above $ 16,000, it could soon see a strong rally towards all-time highs in the coming weeks. If it stays below this level, it could consolidate over the next few months.

Featured image from Unsplash.
Charts from TradingView.