Which way will it go? Which trend will it follow?

[BTCgrinders.com]

[1714815962]

1714815962

[exstasie]

I don’t think that upper bound matters. If we break it upwards, I think we’re probably still stuck in a larger running triangle or other corrective pattern. I would aim for $8,400-$8,600 and then re-assess.

If we break the lower bound, then the most probable target is the mid-$6,000s. I’ve noticed this opinion is very common in the Tradingview chat. Sentiment is very bearish there. That could indicate retail traders are net short and about to be squeezed.

Technically this a really dangerous area to be long. Still I am leaning to the bullish side.

[arpon11]

Bitcoin has spent a lot of days in this channel as op rightly point out and I do believe that the market is waiting for a reasons to take a new direction. I have seen that there is a force that desired bitcoin to remain below $8000 for some reason knowing to them. But I see more of a bullish trend toward $10,000 and probably above $11500 before end of next month if the upper channel is broken but if bitcoin could not gather enough momentum for that, then we should expect reversal towards $5,500 area.

[Herbert2020]

that is not something easy to predict.
all we know is that the market sentiment has changed into bullish and most traders are currently in the bull mode. but at  the same time there are many other traders who have lost money during the rise from $4k to $8k and have been crying about it wanting the lost opportunities to come back to them which is why we have this sell pressure right now.
this channel is a temporary one that will break out unless something unexpected happens.

[pushups44]

I suspect LTC will lead the way once again, and its upcoming halving should flip the market bullish at any moment. We had a rising wedge from which we corrected, and sooner or later this correction will run out of steam and buyers will step in.

[dark08]

As we can see on the image if we can break again the $8k level the next stop point is $9000 but this is a dangereous level because most people want to see Bitcoin pump up again but market still unpredicted so a falling down can be happen a possible $7k to $6500 touch point, 2020 halving can bring another good move for Bitcoin.

[Psynthax]

It looks like a little rebound is coming right now. i can't even believe there will be another big decrease again. The support is much stronger compared with the selling pressure that happened in the market. Even bad news about regulation comes from g20 but it looks like bitcoin is really strong like the early bullish trend of 2017.

[buwaytress]

I don’t think that upper bound matters. If we break it upwards, I think we’re probably still stuck in a larger running triangle or other corrective pattern. I would aim for $8,400-$8,600 and then re-assess.

If we break the lower bound, then the most probable target is the mid-$6,000s. I’ve noticed this opinion is very common in the Tradingview chat. Sentiment is very bearish there. That could indicate retail traders are net short and about to be squeezed.

Technically this a really dangerous area to be long. Still I am leaning to the bullish side.

Def also the same lines among the chatter going on in some of the TG and slack channels I've been dropping in recently to check. Gives me a rather odd sample of what's going on with traders who consider themselves old hands, interesting to see some convergence with tradingview, even among typically bullish guys. But this is strictly in the short term. No one is ready to commit anything after June. Stops are tight too.

Also refreshing to see N American markets wake up to trigger another attempt abive 8k. Been the flipside for weeks.

[Lucius]

Personally I think slow growth will continue, or that price will stay between $7k-$9k in next few months. The reasons I see for that are in the fact that this time of the year for bitcoin is fairly equated. It should be noted that the summer on the northern hemisphere will soon take place, and many people will go on holiday which will include some % of traders. The money will be spent on other things, then on buying more bitcoins.

Maybe I'm wrong, but a more significant price movement could happen in September and towards the end of the year. Now we are close to $8k, and there is $300 jump few minutes ago from $7700 to $8000, so it seems that the bulls are trying to regain control again.

[leowonderful]

I feel either a slow grind up happening or just a whole lot of sideways chopping in the near future. We just had a nice bounce up to near $8000 this morning thanks to what seems like a few large market orders on Coinbase Pro from the mid $7600s, selling pressure is still here but less than it was recently. I'm just holding a small long position at the moment as this is a pretty risky area to trade IMO and I know some have even called this a bit of a no-trade zone.

[Kemarit]

I don’t think that upper bound matters. If we break it upwards, I think we’re probably still stuck in a larger running triangle or other corrective pattern. I would aim for $8,400-$8,600 and then re-assess.

If we break the lower bound, then the most probable target is the mid-$6,000s.

This is also what I'm seeing right now. There is no break out run, so it can go in either direction. Of course, I'm leaning towards $8000 but there's also that possible that we might hit some lower bounds in the next coming weeks, so let's just prepare ourselves for the worst. But I'm still going long here, just to be on the safe side, I'm not willing to short as I'm expecting a good upside later in the months, July-Aug would be a good month, the way I see it. So let's be positive that a new trend will happen and it's going to be on the $8000'ish levels.

[onecall123]

It would appear that we have numerous things for happening. BTC price on a beautiful buy in so far volume climbed significantly in the course of the last 5 hours and still increasing. Pretty cool for me to watch it! I don't care either bitcoin ups or down, I'm sure some of you will appreciate this. It's all about opportunity!

[el kaka22]

I agree that the upper bound is not the focused part here. We are on a stage where we are not going down obviously unless we have some external pressure all of a sudden, which means if we want to really just purely focus on this chart and nothing else I would say 8400+ is the way to go, we don't see what could really happen afterwards because 8400-8600 is all we can guess but I am willing to bet if we go there again (which I think we will soon) then the hype will come back and we will go even higher right after that.

Of course, the deal is if we go above 8400 like I assume the people who have been waiting for a correction and want to sell for profit who couldn't do it last time around because one huge whale did it and didn't let them then we may go back down too so all we can assume right now is hitting 8400+ rest is assumption.

[Bitcoinwaist]

I suspect LTC will lead the way once again, and its upcoming halving should flip the market bullish at any moment. We had a rising wedge from which we corrected, and sooner or later this correction will run out of steam and buyers will step in.

Yet again ltc is eating btc's lunch.

[exstasie]

If we break the lower bound, then the most probable target is the mid-$6,000s. I’ve noticed this opinion is very common in the Tradingview chat. Sentiment is very bearish there. That could indicate retail traders are net short and about to be squeezed.

Short squeeze it is! Waking up to a $400 green dildo on the hourly chart sure makes for a beautiful morning.

I suspect LTC will lead the way once again, and its upcoming halving should flip the market bullish at any moment.

Yep LTC is already making new highs again, even as Bitcoin consolidates $1,000 below its last high. Such a strong chart! As long as it remains this bullish, its a good sign for the overall crypto market.

[Naida_BR]

It was obvious that after the sharp increase in the market cap and especially in Bitcoin's price we are going to face a Bear June.
I believe that we are going to go a little more down and then bounce up again (despite the today's small price increase).

[Febo]

It was obvious that after the sharp increase in the market cap and especially in Bitcoin's price we are going to face a Bear June.
I believe that we are going to go a little more down and then bounce up again (despite the today's small price increase).

Nothing is obvious. I expected bear May or April, but it did not happened.

[Duzter]

The move can happen in any direction, and from the market indication that is posted few days back we've experienced a small down trend and has further experienced a uptrend reaching above $8000. This way the market move is truly unpredictable, at times the trend followed gets away from the market direction.

[snipie]

It was obvious that after the sharp increase in the market cap and especially in Bitcoin's price we are going to face a Bear June.
I believe that we are going to go a little more down and then bounce up again (despite the today's small price increase).

Nothing is obvious. I expected bear May or April, but it did not happened.

I have the feeling that bitcoin price tends to decrease in the summer barely each year then tends to rise especially in November/December. It is not a rule but maybe we will experience a little drop/correction in July/August?

[LeGaulois]

I thought the price would stagnate around $8,000. But apparently, for the last few days, it's been slowly making its way up. With a few waves of high and low, which some people like to call volatility.
Anyway, It doesn't matter if the price stagnates for 6 months if it stays at $8,000 it's fine for me.  At the same time, I know very well that a certain crash is possible (as always)