Bitcoin (BTC) Price Has 'Officially' Ended Its Downtrend. There's One Major Reason Why


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. 
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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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.


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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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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