Bitcoin remains under pressure when writing on April 2. However, one optimistic analyst points to a potential breakout above a formation that could propel the price to $80,000.
Will Bitcoin Breakout Higher From The Pennant?
Despite the current dip, the analyst notes that technical analysis of the daily chart has printed a bullish pennant formation. If buyers step in, rejecting the current lower lows, the coin may surge above recent all-time highs and soar to new territories.
Bitcoin is within a bullish pattern from an effort-versus-result perspective in the daily chart. The coin is down 5% in the past 24 hours and 7% in the last week of trading. Trading at around the $66,000 level, the coin is down 11% from all-time highs and under pressure.
Bitcoin is trading below the middle BB at spot rates, a technical indicator for gauging volatility. The breakout means sellers are in control, at least in the short term. At this pace, sellers will likely continue to press on, pus
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