By Nick Chong
As it stands, the price of the leading cryptocurrency sits at $6,600, up 73% from the $3,800 bottom and up over 20% in the past five days in and of themselves. While many have said that this is just a short-term rally before an eventual return to the $5,000s, where Bitcoin is likely to accumulate, there is a key textbook bottoming pattern that BTC is following, indicating that the rally is not done yet.
Bitcoin Continues to Trace Key Bottoming Pattern
Earlier this week, NewsBTC reported that Bitcoin has been following a textbook bottoming pattern — the bump-and-run-reversal bottom (BARR bottom) that can be found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.