The Bitcoin price may be lacking volatility now but technical data suggests that the cryptocurrency is set for a bullish rally soon. A recent chart by Weiss Crypto revealed that the Bitcoin price is near a breakout that will take the price higher against the USD. According to the report, the Bitcoin price has been stuck in a descending channel since it reached its all-time high toward the end of 2021.
Bitcoin Price Prediction
At the time of writing, the Bitcoin price was $19,510.89. Within the last trading hour, Bitcoin is up by 0.97% against the USD. It has reached a $19,336.40 low and a $19,667.00 high in what seems to be a low volatile trading range. The seven-day chart indicates that the last peak was around the $19,800 level but Bitcoin faced resistance and fell lower against the USD.
Despite the low trading range, the technical indicators posted on Twitter by Ki Young Ju reveal that the Bitcoin hash rate has reached a similar level as its all-time high levels. The CEO of Crypto Quant also noted that the global adoption of cryptocurrency is increasing at a remarkable rate. It shows that grassroots investors and institutions are bullish on Bitcoin.
In the last few months of the year, one of two things will happen to the Bitcoin price. The first possibility is that the bulls will finally take control of the market by showing extended strength. Another possibility is that Bitcoin will fall to the $10,000 level and bottom out.
Bitcoin vs. Ethereum and Other Altcoins
In other news, Ethereum and other popular altcoins have been lacking volatility just like Bitcoin. At the time of writing, the price of Ethereum was $1,324.72. It is up by 0.59% against the USD. Over the last 24 hours, the cryptocurrency is ranging between $1,315.31 and $1,339.09. The next few trading sessions will paint a clearer picture.