The Bitcoin price has shown signs of strength in the last few hours and has finally passed the $10,600 mark.
However, the strength is weakening – and the bulls are still in a precarious position as they struggle to catalyze a sustained upward trend.
The entire market has been relatively calm in recent days and weeks, with many Altcoins drifting lower as BTC shows signs of weakness.
One analyst comments that a historical analysis of Bitcoin Formula current outlook indicates that BTC is still months away from a massive breakout.
He believes that the coin is still in an accumulation phase and will start to rally later this year.
Bitcoin and the entire crypto market has been caught in a sideways movement. Both bulls and bears have been unable to gain clear control of the market, which has created a sense of fear among investors and traders.
Where Bitcoin will head next may depend somewhat on the reaction to the limits of the trading range, which is $10,200 and $11,200.
Neither of these levels has yet been broken – and one analyst notes that this may be due to the fact that BTC is currently trapped in an accumulation phase.
He believes that this will lead to a significant breakout by the end of 2020.
Bitcoin struggles for significant momentum
At the time of writing, Bitcoin is traded at the price of $10,600. The bulls catalyzed a slight upward momentum today, but this could not change the short-term prospects of the crypto currency.
The next major price level to be observed in the near future is $11,000 – a break above this level could open the gates for an upward movement towards the $11,200 resistance.
Should BTC again meet resistance at this level, this could seriously damage its underlying market structure.
Analyst: BTC is prepared for a late breakout in late 2020
Regarding Bitcoin’s macro outlook, one analyst estimates that the coin may currently be in a recovery phase, suggesting a breakout at the end of the year. He writes:
„BTC. I have been asked for a more comprehensive analysis. It looks like we are in a re-accumulation phase that is above the weekly 21 EMA. Possible outbreak by the end of 2020“.
Should this potential path forward actually materialize, Bitcoin could be on the threshold of the next macro uptrend.