On Thursday, the US Commodity Futures Trading Commission (CFTC) filed several charges against BITMEX and all of its affiliates. The CFTC claims that BitMEX not only supports money laundering by following the necessary procedures, but also works illegally. After this news, hard movements were seen in Bitcoin and altcoins. However, according to analysts, the market has started to recover and Bitcoin is expected to see a strong boom soon.
According to Crypto Hamster, these metrics are ready to send Bitcoin to new heights!
Bitcoin's price movements have experienced extreme squeezing in the past few days as markets have become extremely unstable. According to Crypto Hamster, a popular trader, three technical trends indicate the cryptocurrency is ready to undergo a strong breakout. These trends are as follows:
According to the analyst, Bitcoin is in a symmetrical triangle formation and reached the top of the triangle. This indicates that BTC will see a strong breakout soon, according to the Crypto Hamster.
According to Crypto Hamster, Bitcoin's market volume is falling, indicating that a breakout will occur soon.
According to the analyst, the one-hour Bollinger Bands are gradually narrowing in width.
Willy Woo: Bitcoin is ready to go higher!
Analysts seem optimistic despite the negative news that could drive Bitcoin further down. Simon Dedic, co-founder of crypto research firm Blockfyre, recently said:
These views were echoed by veteran Bitcoin analyst Willy Woo, who monitors on-chain data. Willy Woo recently claimed that even in the face of the aforementioned developments, BTC is ready to explode towards higher levels. The reason why the analyst is so optimistic about Bitcoin is the sudden increase in cryptocurrencies changing hands. According to the analyst, this usually occurs when BTC is at a mid-term crossroads. For example, before the fluctuation in July, cryptocurrencies changed hands and raised Bitcoin.
