Bitcoin on the Cusp of Going “Full Bull Mode” as This Technical Pattern Emerges

Bitcoin’s recent selloff proved to be highly fleeting, as the cryptocurrency has now rallied up towards the upper-$7,000 region, leading it to once again confront the resistance around this price level that previously proved to be insurmountable. This formation could lead BTC to enter “full bull mode” according to one analyst, with this movement leading the crypto to climb into the $8,000 region.

The bullish response to this attempted selloff allowed the crypto to reclaim its previous trading range between $6,600 and $6,800, and BTC is now facing some resistance as bulls try to surmount the $7,000 level. It is important to note that Bitcoin has formed a bullish pennant, which has led CryptoBirb – a popular cryptocurrency analyst on Twitter – to tell his 75,000 followers that he thinks it is probable that BTC goes “full bull mode” next.

Timeline of Bitcoin