Bulls Battle Bears as Bitcoin Price Risks Decline to $51,000; Here’s Why

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Bitcoin prices will likely hit $51,000, according to a technical setup presented by an independent analyst. The pseudonymous Twitterati spotted the BTC/USD exchange rate breaking below a bearish continuation pattern. Dubbed as ‘Symmetrical Triangle,’ the indicator tends to send the prices in the direction of the asset’s previous trend after a brief period of consolidation. Bitcoin so far checks all the boxes to fit the Triangle’s textbook description. “First thing I noticed this morning is a symmetrical triangle breakdown with [a] retest,” the analyst tweeted, adding that a “measured breakdown target” would be around $51,000, should the decline continue. Bitcoin Symmetrical Triangle setup, as presented by Nebraskan Gooner. Source: BTCUSD on TradingView.com Bitcoin and $51,000: A Brief History The $51,000-target comes with a history of serving as support against Bitcoin’s downside attempts. For instance, on April 18, bulls considered the $51,000-retest as their cue to accumulate bitcoin. The BTC/USD exchange…

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