Bitcoin Price Analysis: Sooner or later, something will trigger Bitcoin bull run, according to Binance CEO
- World’s largest exchange by volume, Binance, CEO expects a bull run sooner or later.
- BTC/USD price action has been narrowing, a breakout could very well be right round the corner.
Binance CEO Zhao, speaking to CNBC’s Crypto Trader, noted he expects another bitcoin bull run. occur Noting “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen, sooner or later, something will trigger it."
The Bitcoin price on Tuesday, was seen nursing some minor losses into the second half of the session. BTC/USD continues to show little to no commitment from either camp, bull or bear over the past going on a month.
BTC/USD price action via the daily chart view has been narrowing greatly. It would suggest a breakout in either direction is very fast approaching. Given this type of behavior, typically it would be followed by a chunky move, the question remains just when. Decent buyers could likely be seen on the firm clearance of resistance running from $6400-600 range. Vital near-term support is eyed at $6200-150, then further south $6000 would be tested again to the downside.
BTC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
