Bitcoin’s price has been consolidating for weeks, but has yet to opt for continuation or further correction. Bulls have in recent days began to gain momentum, but we have one more major hurdle to overcome before it gets to the races, says a crypto capital manager.
This is the phrase they are referring to and what the rest of the race could look like once this hurdle is overcome and bulls take back full control.
$ 40,600: The “hurdle” Bitcoin must jump to resume its uptrend
Bitcoin spent nearly two full years accumulating between $ 3,000 and $ 10,000, but once that range was exceeded, the cryptocurrency’s value quadrupled in just a few months.
The rise was sharp and abrupt, creating a widespread Bitcoin FOMO ranging from retail to celebs to institutions and companies. But after profit-taking brought in about $ 42,000, the leading cryptocurrency consolidated and altcoins like Ethereum stole the show.
Related reading | GMI model estimates Bitcoin’s fair value at $ 300,000 by October 2021
Bitcoin is starting to rise again and has regained the mid-current range. But for another attempt at $ 42,000, which will likely be broken with little challenge, the main “hurdle” of price action to overcome is $ 40,600.
Here is the line that Bitcoin price must beat to keep rising | Source: BTCUSD on TradingView.com
Bulls are “on their way to the races” as soon as there is resistance
What Happens When Bitcoin Withdraws $ 40,600? Jeff Ross, CEO of Vailshire Capital claims that it is then “heading for the races” and the uptrend will resume.
According to the chart Ross shared, the price represents the highest daily candle on the BTCUSDT trading pair on Binance.
That price may not translate perfectly to exchanges from competitors like Coinbase, which have traded at a premium due to spot purchases.
Ross previously called for the rise to current levels after confirming a clean tech breakthrough earlier this week. Bitcoin was trading within what appeared to be a descending triangle. Falling triangles are typically bearish patterns, but in this case, after a false disturbance, the price action turned deceptively and broke upward.
Related reading | Sats Statistics: Bitcoin is growing 37x in four years from today
Ross doesn’t say what the races look like, but the next logical level is the high point around $ 42,000 itself. If that is taken away, the Bitcoin price could quadruple again within weeks while the rising momentum increases in pace.
So far, the bull run has behaved very differently from the previous one with very few corrections and none reached the last cycle average of 37% or more.
Without correction, buyers will continue to pay only ever higher prices.
Featured image from Deposit Photos, Charts from TradingView.com