Bitcoin up for a long run as it re-visits an old bullish pattern

The price of Bitcoin saw a sudden surge that took its price above $9k, a long-awaited breach in resistance. The coin started to pump late June 15 and continued to rise on June 16. Many speculated the reason behind this pump, however, a crypto enthusiast highlighted a familiar pattern of Bitcoin.

According to a Twitter user, @MoonOverlord informed that Bitcoin had already broken the non-linear regression curve median line. They also noted that the last time Bitcoin broke this pattern, it went from $2,500 to $20,000, and with history repeating itself, the coin just might move swiftly to $60,000.

Source: Twitter

Source: Twitter

However, the users are concerned about the volume of Bitcoin. Twitter user @OnBeforeDawn said:

“It feels good but it also feels like the rug is gonna get pulled out from everyone’s feet soon.”

The king coin was falling at press time, by over 5%, hinting at recovery that is underway. Bitcoin was valued at $9,049.42 with a market cap of $160.74 billion. The 24-hour trading volume of the coin was reported to be $22.05 billion as the coin surged by 4.30% over the past day. In the past seven days, the coin spiked by 14.85% but fell by 1.36% within an hour.

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