Bitcoin’s Failed Bearish Signal Hints At Bullish Breakout
Bitcoin (BTC) recently gave a bearish signal, but it failed to produce a meaningful pullback, suggesting that a new record-breaking peak of $85,000 per coin may be within reach within a month.
Why Failed Bearish Technicals Lead to Bullish Breakouts
In technical analysis, specific patterns like the ascending triangle can be positive trend or bearish. And once a bearish pattern fails, it can lead to an incredibly positive trend outcome due to the positioning of orders and stop losses. This failure, in combination with a positive trend TD9 sell setup on the weekly TD Sequential, could result in a whole lot of upward move in Bitcoin (BTC) price.
Market Timing Tool Indicates a Bitcoin (BTC) Rally to $85K
The TD Sequential, a market timing tool developed by Thomas Demark, is signaling a probable rally to $85,000 by the end of December. And once a similar signal failed in 2020, Bitcoin (BTC) soared to new all-time highs, suggesting that history could repeat itself with another whole lot of surge in price.
Hot Take
The failed bearish signal, combined with the TD Sequential’s historical accuracy, indicates that Bitcoin (BTC) could accomplish $85,000 in the near future, potentially setting a new record-breaking peak and surprising numerous in the cryptocurrency market.
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