The recent sell-off of Bitcoin has been extremely short-lived as the cryptocurrency has now passed the $ 7,000 mark. It is important that analysts believe that bulls currently have an advantage over bears because the recent price action has created a bullish technical formation.According to an analyst, this formation could lead to BTC entering “full bull mode” and BTC rising towards $ 8,000.Bitcoin sees a bullish recoveryAt the time of writing, BTC is trading at $ 7,080, marking a massive surge from the daily lows of just over $ 6,000 set yesterday when bears tried to push Bitcoin into the $ 5,000 region.
The bullish reaction to this sell-off attempt allowed BTC to regain its previous trading range between $ 6,200 and $ 6,800 and break the resistance at $ 6,900. The well-known trader CryptoBirb said the following in a tweet:
“If BTC switches to full bull mode, I think that’s very likely,” he said, referring to the technical formation in the graphic below.
Looking at the chart above, it seems that this bullish move could cause the cryptocurrency to surge into the $ 8,000 region. However, CryptoBirb does not believe that Bitcoin is out of the rough. In a later tweet, he also noted that a breakdown below Bitcoin’s “symmetry zone” in the region below $ 6,000 could be bad, opening the gates for a move up to $ 4,000.