Analyst: Bitcoin May Have Another 100 Days of Accumulation7.6

For the past twenty days cryptocurrency markets have hold on to gains and formed new trading ranges. In terms of total market capitalization this is between $170 and $185 billion with Bitcoin holding above $5,000. More analysts, using previous chart patterns as a guide, are of the opinion that this consolidation could continue for several more months.

By comparing the weekly chart from 2015 one crypto analyst has notice that we may be trading a very similar moving average formation at the moment. Looking specifically at the 50 week moving average there was an initial bounce off of that back in 2015, then a further 105 days of accumulation when Bitcoin pulled back again.

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