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This Pattern Suggests Bitcoin Could Rally 135% in Coming Month

Bitcoin has been stuck within a consolidation phase for the past several days, which was first seen when the crypto was ranging around $8,600. This was followed by a range expansion when BTC dipped to lows of $8,200 overnight before bouncing back to the mid-$8,000 region earlier today.

This bout of sideways trading may not last long, however, as the cryptocurrency could be on the cusp of a major upwards movement that leads it to break into the coveted five figure price region.

The major movement that leads BTC to this price level, however, may not occur until it taps roughly $7,300, meaning it could see some near-term downside.