The Bitcoin multi-year trendline

Since January 2015 Bitcoin uptrend has remained intact. As we can see in the chart below, the flagship cryptocurrency continues to be held by a multi-year trendline.

As BTC plunged to $6,480 on Nov. 18, we can see that this multi-year support trendline was able to prevent this crypto from going lower.

Nevertheless, as Bitcoin slowly approaches maturity/saturation, the uptrend may progressively slow down, which will result in the violation of the “parabolic trendline.”

Along the same lines, Peter Brandt, a 45-years trading veteran, reiterate the significance of the support provided by this price level. According to Brandt, if Bitcoin can bounce off the support trendline, it could break out in an upward direction to begin a new phase. Such a bullish impulse would take it to “attack” the all-time high of 2017 and “slice” decisively through it.

Despite the bullish outlook, the analyst explained that if the trendline is not able to hold another downward move, Bitcoin would be bound for a further decline.

“I think a prolonged journey below the line might be needed to thoroughly prepare BTC for the move to $50,000. The bulls must first be fully purged. When no bulls can be found on Twitter, then we will have a great buy signal.”

Moving forward

Multiple analysts have come out to support the idea that the current price levels present an excellent opportunity to accumulate Bitcoin. Meanwhile, others have argued that this cryptocurrency could be bottoming out. The different perspectives can be felt throughout the entire market, leading one to believe that nobody knows where BTC is heading. Time will tell whether the flagship cryptocurrency is poised for higher highs or lower lows.