Over the last two weeks, the world’s largest cryptocurrency Bitcoin (BTC) has entered a major consolidation and has been struggling to break past the $28,000 level. The good thing is that Bitcoin has also shown limited downside volatility.
On-chain setup for Bitcoin shows that it could be gearing up for a strong show going ahead. Popular crypto analyst Ali Martinez points out the Adjusted SOPR (aSOPR) for Bitcoin which is signaling a bullish momentum ahead. In one of his recent tweets, Ali wrote:
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As per our technical analysis, the Bitcoin (BTC) price action is currently forming a pennant pattern. A potential breakout above this pattern could hint at the upward continuation of the BTC price action.
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Bitcoin’s Next Price Levels At $40K and $46K
Analysts are bullish on Bitcoin’s continued price action and are expecting much higher price levels from here as long BTC continues to hold the support of $27,600. Popular crypto analyst Michael van de Poppe wrote: “Price action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we’re coming from $15K, I’d assume we’ll be seeing a strong continuation. For now, support at $27,600 is sustaining”. He further wrote:
Apart from the Bitcoin price movement, some altcoins are also showing bullish price action. Last week, Dogecoin (DOGE) dominated a large part of the crypto market discussions as Twitter changed the logo to a Shiba Inu meme coin.
