- Bitcoin has seen mixed price action as of late, with bulls and bears largely remaining at odds while the crypto ranges between $30,000 and $40,000
- The cryptocurrency has been quite heavy as of late due to the intensity of each of its recent rejections, which has given bears a slight edge
- However, $30,000 remains a bedrock support level, and a continued bout of trading above here is bullish for BTC
- One trader is now noting that the cryptocurrency could be positioned to see further upside if it can confirm a bullish technical pattern that is forming
- If confirmed, he claims that Bitcoin has a solid chance of seeing a move up towards $46,000 in the mid-term
Bitcoin’s mixed price action as of late hasn’t been explicitly bearish, despite its inability to gain any momentum.
Sentiment has been hit hard due to the speed at which sellers have faded each pump, but the crypto’s support in the lower-$30,000 region has held strong and is showing no signs of budging anytime soon.
One analyst is now optimistic on BTC’s near-term outlook, noting that it could soon see a swift move up to $46,000 if bulls can post a bullish kumo breakout over the coming week.
Bitcoin Shows Subtle Signs of Strength as Support Holds
At the time of writing, Bitcoin is trading up just under 2% at its current price of $33,600. This does mark a slight decline from its overnight highs of $34,800.
Despite not being able to break the resistance at $35,000, it is important to note that each dip has been aggressively bought, suggesting that bulls are building strength.
So long as $30,000 remains a bedrock support level for the cryptocurrency, the likelihood of Bitcoin seeing further upside remains quite high.
Analyst: This Technical Pattern Suggests Move to $46,000 is Brewing
One trader pointed to Bitcoin’s cloud formation and observed what could be a bullish pattern, noting that the crypto is likely on the cusp of seeing a move significantly higher in the near-term.
He is pointing to $46,000 as a near-term upside target that could come about in the coming few days and weeks.
“4h BTC: I like our chances at 46k if we can get a bullish kumo breakout over the next week,” he said while pointing to the below chart.
Image Courtesy of Josh Olszewicz. Source: BTCUSD on TradingView.
Unless bulls lose their positioning and allow for a dip to, or below, $30,000, there’s a strong possibility that upside is imminent.