Bitcoin’s Price Action Shows Similarities to 2016; Pointing to a Bullish 2021

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Bitcoin’s price has been flashing some major signs of weakness throughout the past few days, with bears continuing to defend against a break above $10,500 This weakness may soon be coming to an end, however, as buyers have now shattered the selling pressure that previously existed at this level While looking towards the asset’s near-term price action, one analyst explained that he sees some striking similarities to 2016 This comparison is bullish because it suggests that the coming year may end up being incredibly positive for the benchmark cryptocurrency It has been a turbulent past few days, weeks, and months for Bitcoin, with the cryptocurrency attempting to spark a bull trend, but facing some serious resistance. Currently, BTC is attempting to shatter the resistance that had been suppressing its price action throughout the past few days and weeks, with $10,500 being a crucial level to watch in the near-term. If…

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