According to cryptocurrency trader Josh Rager, the bulls have already left the Bitcoin (BTC) price downtrend behind them. The top cryptocurrency has finally recorded a higher high on its weekly chart.
#Bitcoin weekly close
BTC price closes above previous weekly opens in Sept and Oct and looking strong
We are officially getting higher-highs on the weekly chart
We can say the "downtrend" is officially over (though we all know it's been over for a while)
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image by @Josh_Rager
Bitcoin bulls have a higher high
According to the Dow theory, any asset needs to print a new higher high in order to resume its uptrend. Bitcoin's failure to do that after its breakouts in August and October was the most compelling bear argument. However, it has recently been invalidated.
As reported by U.Today, Bitcoin touched its highest point since October on Feb. 9. BTC hasn't dipped below since this level since then with a strong weekly close above $10,170.
Expecting a 'healthy' pullback
However, not all traders are convinced that Bitcoin will have legs above $10,000. Horn Hairs recently tweeted that BTC might be close to the 'climax' of its bullish move.
$BTC
With increasingly steep trendlines & the recent break of trending resistance (shown in red), we could finally be close to the climax of this move.
Once a supporting trendline finally breaks we'll likely see a healthy pullback. Until then, expect fireworks.
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image by @CryptoHornHairs
He expects 'a healthy pullback' when BTC finally breaks its steepening trendline.
There is still a possibility that BTC could drop to as low as $2,000 based on the Elliott Wave theory.
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