The Bitcoin (BTC) price has so far failed to touch $9,000 after numerous attempts. On March 3, the crypto king fell short of hitting this target, reaching an intraday high of $8,921.
However, entrepreneur Alistair Milne believes that the cryptocurrency could surge above the aforementioned level due to a bullish formation.
According to the chart posted by Milne, BTC is in the middle of forming a descending broadening wedge. It is generally believed to be a bullish reversal pattern since it highlights that buyers are ambitious enough to take control of the market even though sellers do now show signs of exhaustion.
Milne determined his target by the highest point at which this pattern was formed ($8,990).
Statistical data shows that traders should expect a bullish breakout from the broadening wedge in 79 percent of all cases.
At press time, BTC is trading at $8,681 after experiencing a bout of volatility earlier today. As reported by U.Today, the leading cryptocurrency spiked 1.6 percent before giving up its gains.
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