Bitcoin (BTC) is primed for a price breakout after beating out volatility, but April may still produce a surprise sell-off.
In his latest market update on Friday, Filbfilb, co-founder of trading suite DecenTrader, said that he now expects upside to take over on BTC/USD.
BTC “threatening a breakout”
Bitcoin has recovered from its flash crash earlier in the week and briefly hit $60,000 overnight on Friday.
With seven-day gains still at 13%, there are plenty of reasons to be bullish in the short term now that consolidation looks set to conclude, Filbfilb argues.
“With the weekend looming amidst a buoyant week; it’s difficult not to be optimistic,” he summarized.
“I’m not thinking we will break out with as much ferocity, but I do think that we are on the brink of a strong breakout.”
A comparison worth noting is what happened to Bitcoin when it originally broke through $20,000 resistance. A pattern of sudden breakouts following a protracted period of consolidation and regression could end up characterizing $60,000 as well.
“A few weeks ago I shared this similar price action/market structure as what was seen around the $20k level, which had a correction back to c.50k before a violent breakout,” Filbfilb continued.
“Since then price has almost perfectly played ball with this idea and is now threatening a breakout.”