Price Action That Triggered Last Bitcoin 7X Rally Reemerges as Institutions Continue to Accumulate More BTC
Price action thrives on patterns, and traders often search for recurring patterns to make decisions about the next possible price direction. In searching for what the Bitcoin market might do next, Trader Tardigrade, a crypto analyst on X who has more than 50,000 followers, identified a potentially bullish price pattern that is already forming for BTC.
The analyst has noted a descending broadening triangle pattern and mentioned that the same thing happened in 2019 and 2020. A breakout of the price pattern in 2020 made the price spike from $10,000 to around $70,000.
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The tweet suggests we could see the same occurrence again very soon. Technical analysts believe that history repeats, or at least rhymes, making it possible for BTC price to repeat a similar price spike again.
Institutional Accumulation Continues to Increase
Ash Crypto, a crypto expert with more than 1 million followers on X, also called attention of crypto users to Bitcoin supply reserve that has continued to decline. The top crypto analyst noted that the supply is at its lowest since 2018 and it has been reducing since the beginning of the year.
Based on the post, the main reason for this is that institutional investors have been accumulating the coin since they know where the price is headed next.
The analyst believes this is seriously bullish for Bitcoin and encourages his followers to be bullish too.
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