The Devil’s Trick

Bitcoin / TetherUS (BINANCE:BTCUSDT)

“The greatest trick the Devil ever pulled was convincing the world he didn’t exist.”

In the same way, Bitcoin often flies below the investors’ radar before breaking out. Long sideways periods shake out the less patient traders while a new powerful uptrend brews unnoticed. When the price breaks above the previous highs, the real action begins, latecomers rush not to miss out on the upside.

Bitcoin price action is a perfect remake of what happened between August and October 2020. Back then, $12,000 was the last resistance before reaching the previous all-time high. Flash forward to current days, breaking $60,000 would put Bitcoin on the right path to $100,000.

But again, the price will likely consolidate for a while before a new leg up. It will take patience and close attention to these key levels to get ready for the next big move.

On top of that, as anticipated last week, Altcoins are not broadly catching up with Bitcoin’s strength, which indicates a rotation of allocation of the market into BTC . That usually is a strong signal that investors are piling up as much as possible Bitcoin .

Remakes are generally dull because you already know how the movie ends. When it comes to trading, instead, it’s pretty helpful to get a sense of where things are heading to.