Bitcoin on Track to Form Historic “V-Reversal” as Bulls Surmount $7,000

Analysts are now noting that this latest movement does seem to confirm that BTC has formed a highly bullish “V-reversal” – a technical formation that could bolster bulls in the days and weeks ahead. This also comes as Bitcoin enters a time period that is historically bullish, with one trader noting that it often sees upside in the time between April and May.

One popular trader on Twitter recently pointed out an interesting occurrence, noting that Bitcoin historically sees some positive price action throughout April and May, which could mean that it will rally higher in the days and weeks ahead. Mohit Sorout – a highly respected analyst – has been watching this rapidly forming pattern for the past week, noting in a tweet from today that BTC is about to close above its December lows and that “this is what strength looks like.”

Timeline of Bitcoin