Bitcoin price is primed to move even higher in the coming days and weeks because of the fractal indicator

Bitcoin price has been consolidating between $ 10,000 and $ 11,000 over the past month, barely deviating from this relatively narrow range. However, there is a forecast that BTC has a high chance of breaking out of this range in the coming days and weeks. This is why.

At press time, BTC is trading around $ 10.704, a slight increase of nearly 2% over the past 24 hours.

bitcoin-price-is-primed-to-move-even-higher-in-the-coming-days1

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price tends to go higher

Bitcoin is expected to rise even higher in the coming days and weeks. The fractal suggests that Bitcoin’s recent price action is just a miniaturized version of the price action that transpired from the start of 2020 to May. This fractal suggests that BTC will soon gap higher, meaning it may quickly retake $ 11,000.

bitcoin-price-is-primed-to-move-even-higher-in-the-coming-days

Chart of BTC’s price action since the start of the year | Source: TradingView

The on-chain trends agree with the optimistic outlook described by the fractal mentioned above.

Willy Woo recently noted that Bitcoin adoption is currently in its early stages in the West:

“We’re at the early adopter phase in Western countries; some higher inflation countries are now broaching early majority according to this chart from Statista. (And yes, the high monetary inflation the world is undergoing right currently is growth steroids for BTC HODLer adoption .) ”

He explained that if this adoption continued, there would be a more spike in new Bitcoin users than in recent months. This wave of adoption will allow the cryptocurrency price to differ from the old markets, which currently hold Bitcoin down.

Plus, Bitcoin’s hash rate continues to increase.

The index tracks how much computing power is being allocated to mining the cryptocurrency and pushing to an all-time high. Analysts see this as an indication of these miners’ long-term commitment to the Bitcoin network.

You can see the Bitcoin price here.

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