Bitcoin Price Prediction: Following a notable upsurge in January End, the Bitcoin price was relatively stable through this week. The daily candles with short bodies and longer ones reflect uncertainty and initiation from bulls and bears. However, a look at a lower time frame projects this consolidation as the formation of a bullish pennant pattern. Here’s how this pattern may influence the near future growth of BTC.
The pennant Pattern breakout will release the Bitcoin price from the current uncertainty.
The coin price above the 20-and-50-day EMAs provides additional support to market buyers
The intraday trading volume in Bitcoin is $13.9 Billion, indicating an 11.% gain.
Analyst Projects $31K as Firm Floor Based on 200WMA
Bitcoin 200 week moving average is 31k. When bitcoin price diverges from 200WMA, in accumulation (blue) and bull markets (orange/red), bitcoin has never gone below 200WMA. So 31k might be the absolute floor, and bitcoin might never see 31k ever again IMO. Also 20
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