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Coinbase Premium's triangular convergence hints at a major potential Bitcoin price move. Similar Coinbase Premium patterns led to all-time highs during the 2021-2022 bull market. Bitcoin remains in a bearish phase, trading below the crucial $62,000 price level.

Bitcoin has recently seen a 2.28% rise, climbing from a local low of $55,629 to $58,401. This recovery follows a sharp decline to $52,732, raising questions about whether Bitcoin will experience a sustained rally or face another dip. The situation is becoming more intriguing as data from the Coinbase Premium suggests that a major price move could be possible. Coinbase Premium’s Convergence: A Signal for a Major Move? One key indicator that analysts are watching is the Coinbase Premium, which reflects the price difference between Bitcoin on Coinbase and Binance. According to the latest 1-hour chart, the volatility in the Coinbase Premium has decreased, and both the upper and lower bounds of the price range are converging into a triangular pattern.  This pattern is often seen as a sign of imminent major price movement. Historically, during the 2021-2022 bull market, a similar triangular convergence was seen in the Coinbase Premium before Bitcoin surged to new all-time highs.  If history repeats itself, this narrowing price gap could suggest that the market is finding its fair value, with a decisive upward or downward move likely on the horizon. Large investors, seem to be in a standoff, waiting for the next big shift in Bitcoin’s price. BTC Still in a Bearish Phase While Bitcoin’s recent gains are encouraging, it’s important to note that, BTC remains in a bear phase as it is trading below the $62k price level. Bitcoin’s market value to realized value (MVRV) ratio has been below its 365-day moving average since August 26, signaling bearish market conditions.  Analysts suggest that this bear phase could delay any major rally unless Bitcoin breaks out of this consolidation. Also Read: Robert Kiyosaki’s Take on Bitcoin: A Game Changer for America’s $35 Trillion Debt?

Tags Bitcoin