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.

Ken Chigbo Independent Analyst

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.

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