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Capital Manager Expects New Bitcoin All-Time High “Within Days”

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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Bitcoin price has been consolidating in an ever-tightening range between its current all-time high around $42,000 and a low of nearly $28,000. But could a new all-time high be only days away? The CEO of a capital management firm believes so, and has shared chart demonstrating a clear technical breakout in the top cryptocurrency by market cap. 

Here’s a closer look at the current price action and potential upside targets.

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Bitcoin To Reach New All-Time High In Days Or Weeks, Following Technical Breakout

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FOMO is spreading like wildfire, and participants now range from retail to corporate CEOs, institutions, and other high net worth individuals. Celebrities are acting as an echo chamber, and mainstream media is furthering the frenzy with outrageous headlines featuring claims of valuations reaching hundreds of thousands of dollars per coin.

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Outrageous as they may seem, the cryptocurrency is known to go parabolic every four years and each phase of mark up has been more shocking than the next. The first major rise took Bitcoin to $1,200, and in 2017 it reached $20,000. The current all-time high is set at $42,000, but according to a capital manager focusing on Bitcoin in some recent tweets, another new record is just “days” away in his opinion.

Vailshire Capital Management LLC founder and CEO Jeff Ross claims a bullish technical breakout has been “confirmed” and given the “wildly bullish” macro setup, Bitcoin will see new all-time highs in days or weeks.

 

bitcoin

A bullish breakout has been "confirmed" according to Ross | Source: BTCUSD on TradingView.com

Ross has shared a chart depicting what appears to be a descending triangle pattern, which the top cryptocurrency has broken out from, and retested the top descending trendline as resistance turned support.

After the bullish retest held for several days, the pattern is “confirmed” according to Ross. However, technical analysis is somewhat subjective, and the typically bearish pattern itself can be drawn in such a way that might indicate that bulls aren’t yet out of the woods.

 

The descending triangle has been a thorn in the side of cryptocurrency investors since 2018, and have resulted in some of the most devastating downside that Bitcoin has experienced.

Could it be so simple that bulls have already breached the top trendline, or could the triangle be a bull trap in the making? Drawn differently, the top trendline is still keeping Bitcoin at bat for the time being.

bitcoin crypto descending triangle

Descending triangles have not been kind to Bitcoin in the past | Source: BTCUSD on TradingView.com

The leading cryptocurrency by market cap is consolidating just below resistance on this variation of the pattern, so the price action is undeniably bullish as Ross points out.

RELATED READING | S2F PREDICTS 20% PER MONTH GROWTH RATE FOR BITCOIN IN 2021

The one factor that bulls must beware of, is the fact that the price action within the triangle, closely matches the descending triangle that marked the peak of the 2019 rally.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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