With the Bitcoin price rallying, one analyst has taken to X, highlighting the current state of bullish affairs. In a post, the analyst thinks the world’s most valuable coin is approaching “escape velocity,” with price action deviating from candlestick arrangements in the past. This is usually the case, especially when prices are approaching all-time highs.
Will Bitcoin Rip Past $70,000 In Coming Days?
The analyst notes that a normal BTC cycle would, at current prices and considering how the coin has been rallying in the past few weeks, typically have seen a pullback. The correction would then be followed by an extended period of consolidation, often stretching at least six months.
However, since there is a clear deviation, looking at price action in the monthly chart, the analyst is convinced that Bitcoin is about to lift off. The resulting rally would be at “escape velocity,” the coin would easily extend gains, easing past all-time highs.
Bitcoin is firmly in
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