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Analyst: Bitcoin Bull Run Barely Even Started, Six Digits a Possibility



The bitcoin price is looking to hit a six-digit dollar valuation soon, according to market analyst GalaxyBTC.The cryptocurrency trader said today that closing above $10,000 is a vital breakout moment for bitcoin. He showed that the level is going to play out as a stubborn resistance zone in the coming days based on a so-called “2015 fractal.”bitcoin, bitcoin priceBitcoin Price Repeating 2015 Trend | Image Credits: GalaxyBTCBack in the year, bitcoin dropped below the $150 level, recovered, and eventually started consolidating in a range defined by approx $200 and $320. In October 2015, the cryptocurrency experienced its first breakout towards the $500-600 range. The $600 resistance, at that time, held the price steps away from a bull run period. According to GalaxyBTC, the $10,000 level is the new the $600 resistance.“The [Bitcoin] Bull Run barely even started. According to 2015 fractal, the road to [six digits] was confirmed when we broke $10K,” the analyst tweeted.Bitcoin against Fractal AnalysisGalaxyBTC’s analysis appears to take cues from investors’ behavior throughout a bitcoin market cycle. As such, the analyst’s prediction entirely depends on whether or not the cryptocurrency has a history of following a cyclical and repeatable pattern.Mainstream finance analysts often question the efficacy of “Fractal Markets Hypothesis,” especially after it fell short in explaining the 2008 financial crisis. Nobel winning economist Robert Shiller, for instance, believes FMH is a flawed economic theory. He states that asset prices are inherently volatile, and thus, expecting them to act precisely based on their statistical character is challenging.

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