The days of choppy trading are nowhere near being over, according to Kitco’s technical analyst Jim Wyckoff. The Bitcoin price will most likely fluctuate within its current range this week.
Wyckoff points out that the bulls have already lost whatever advantage over bears, and now it’s tug-of-war all over again. He will retain a neutral stance with more sideways action expected “in the coming days.”
The market will probably continue see-sawing until the resolution of a major descending triangle that has recently caught the eye of top Bitcoin traders. This pattern has a relatively high failure rate, which could result in a major breakout.
At the time of writing, BTC is trading at $10,265.56, according to CoinMarketCap data, with minor losses over the last 24 hours.
A bullish scenario
As reported by U.Today, some of the most sought-after cryptocurrency traders remain bullish on Bitcoin despite a recent stumble in the road to $11,000.
Earlier, cryptocurrency trader John Bollinger predicted that the BTC price could bottom out in the $9,000-$10,000 range before experiencing a major upward move.