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After a six-month lock-up period, the Grayscale Bitcoin Trust (GBTC), the world’s largest digital-assets fund manager, will release a substantial sum of BTC. Several hypotheses have been advanced in relation to this occurrence, one of which is that the GBTC unlock may have an impact on price volatility in Bitcoin markets in the following weeks.
Regardless of the speculations, this crypto expert was bullish on the price fluctuations of the world’s largest cryptocurrency.
Following the community’s continued anxiety, Rekt Capital has released a debate on Bitcoin’s price trend. This report included two noteworthy incidents relating to a crucial measure that Bitcoin exhibited for eight weeks in a row.
In his first update, the analyst highlighted a crucial level that Bitcoin needed to achieve for an imminent breakout. Failing to do so, the bulls may not have long to last before fresh losses hit. He mentioned,
#BTC Weekly Closed below the multi-month Higher Low & already this HL is acting as resistance
The blue 50-week EMA is still holding as support
— Rekt Capital (@rektcapital) July 12, 2021
However, Bitcoin bulls did unite to help Bitcoin reach and even cross the milestone, which the analyst later acknowledged in a tweet stating,
“Bitcoin has Weekly Closed above the 50 weeks EMA for an 8th week in a row.”
The same was depicted in the attached chart.
The timing of this latest development is unique. Not so long ago, Bitcoin recorded a significant surge in accumulation. Different firms joined the Bitcoin club by adopting the flagship coin in their portfolios.
Another analyst portrayed a similar sentiment regarding these developments. In his latest YouTube video, Michael van de Poppe talked about a probable price breakthrough before the end of this week. This adds to Bitcoin’s previously announced progress in passing a critical milestone.
Furthermore, in terms of Bitcoin’s Wyckoff pattern, the price was still holding above the $33k level, indicating another higher bottom from which a further climb is quite plausible. “Although, If we want to break to the upside, we need to crack that range around $34.6K,” he said.
In addition to this, Poppe concluded his price projection by stating,
“I believe that Bitcoin is going to make a breakout to the upside. I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”