After months of consolidation, Bitcoin broke free from a tight, boring trading range and continued the uptrend that began in early April.
Despite the cryptocurrency turning from bearish to bullish, a full break out into a new bull market won’t arrive until 2021. Here’s what past Bitcoin cycle data predicts for when the asset may retest its former all-time high, and embark on a new bull run.
Bitcoin Turns Bullish After Break Above $10,000, But Bull Market Isn’t Ready Yet
The leading cryptocurrency by market cap last week followed gold’s incredible rally and broke through resistance at $10,000. A fall in the struggling dollar further added to any gains in hard assets like Bitcoin and precious metals.
Resistance at $10,000, while a key level that has acted as a FOMO trigger in the past, is only one level of many that the asset must break on through before the bull market is here. But bulls are already celebrating preemptively.
Above current levels, resistance at $14,000 proved to be too strong to take out on its first attempt, and a second may not yet break the key level. It took a third attempt to break back above $10,000 before it was possible on the fourth and after weeks of consolidation.
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The same could happen as the cryptocurrency approaches the next resistance level.
Beyond that, the crypto asset still has resistance between $16,000 and $17,000 left untested since the bear market first started. And beyond that, the retest of the asset’s former all-time high set at the peak of the crypto bubble would be next.
But according to past Bitcoin market cycle data, that retest of the former peak, may not arrive for another year or more.