Bitcoin price this week blasted off from $30,000 to $40,000 in a 25% move. Although the momentum was provided by an epic short squeeze, the leading cryptocurrency by market cap could continue to run much higher if diagonal downtrend resistance is broken. The breakout would confirm what looks like a bump-and-run reversal bottom, which according to the authority in chart patterns, has the best bull market performance out of 39 other chart patterns. Could this be the signal that bulls have been waiting for to restart their charge? Bitcoin Bulls Could Be Ready To “Bump And Run” After one the worst quarterly closes on record and a monthly selloff that wiped out 50% off crypto prices, investors are breathing a sigh of relief with Bitcoin finally headed away from the bottom range around $30,000. A couple brief plunges to the yearly open were bought up with fury, which eventually led to a reversal and a short squeeze. With Bitcoin price now at around $40,000 once again, the leading cryptocurrency by market cap has formed what looks like the early stages of a strong performing bull market bottom. Related Reading | How The 55% Bitcoin Correction Revives Comparisons To Past Bull Cycle The type of bottom formation is called a “bump-and-run reversal bottom” and it isn’t the first time one has been spotted on the Bitcoin price chart. The pattern was also potentially the signal that sent the cryptocurrency ...
