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Kraken Releases VIP Bitcoin (BTC) Analysis, Says Top Crypto on Cusp of Multi-Year Pattern Breakout

by Daily Hodl Staff
June 8, 2020
in Bitcoin, Trading

The US-based crypto exchange Kraken has released a report for its VIP traders to the public, which says Bitcoin is on the verge of a multi-year breakout that could trigger a new bull market.

The document highlights the leading cryptocurrency’s movements inside a large bullish pennant since 2017. The pattern, Kraken says, suggests that the digital asset is in a multi-year consolidation in preparation for the next move up.

“If Bitcoin can break through the pennant, surpass $10,500, and thus set a higher high in the macro trend, the case could be made that Bitcoin is entering a new bull market.”

Source: Kraken

But Kraken says Bitcoin is not yet out of the woods. The crypto exchange also paints a bearish picture where the leading cryptocurrency respects the diagonal resistance.

“Should Bitcoin fail to move higher, a backtest of the pennant’s support at ~$6,200 would be possible.” 

The crypto exchange notes the fact that the top cryptocurrency has been trading close to the diagonal resistance of the pennant at around $9,800 for five straight weeks. The report stresses that a breakout or a rejection could ignite a dramatic spike in volatility.

Kraken’s expectation of heightened volatility in the coming weeks aligns with the rise in Bitcoin’s mempool transactions, a metric that indicates the number of unconfirmed transactions on the network. The crypto exchange explains that a recent spike in unconfirmed transactions may precede a period of elevated volatility.

“On May 21, Bitcoin’s 7-day average mempool transaction count surpassed 47,000, its highest level in more than 28 months.”

Source: Kraken

You can check out the entire report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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