Since Bitcoin\u2019s genesis block was first mined, the cryptocurrency has been caught within a whirlwind that has allowed BTC to post gains that defy historical precedent.<\/p>\n
Although the past couple of years have tempered the excitement surrounding the cryptocurrency, it is important to note that multiple bullish factors are fast approaching on the horizon, and the combination of these factors suggest that BTC could be en route to setting fresh all-time highs.<\/p>\n
One interesting factor that should be noted is that the convergence of two key trendlines formed over the past five years coincides strikingly close with the cryptocurrency\u2019s upcoming mining rewards halving event \u2013 signaling that \u201cfireworks\u201d could be imminent.<\/p>\n
Over the past few days, Bitcoin\u2019s price<\/a> has been oscillating between the lower and upper-$8,000 region, with this ongoing consolidation phase<\/a> coming at the tail end of its recent multi-week uptrend.<\/p>\n Although the near-term prospects for Bitcoin remain foggy, its mid-term outlook might just be more bullish than ever, as BTC is close to reaching the apex of a massive bull flag comprised of two trendlines that have been formed over a multi-year period.<\/p>\n Interestingly enough, the apex of this pennant coincides precisely with the anticipated date of Bitcoin\u2019s upcoming mining rewards halving in May, which suggests that this time period could be a historical pivoting point for the cryptocurrency.<\/p>\n \u201c5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store!\u201d Travis Kling \u2013 a partner at the Ikigai Fund \u2013 explained in a tweet while pointing to the below chart.<\/p><\/blockquote>\n 5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store! pic.twitter.com\/RWNcV0cWa3<\/a><\/p>\n — Travis Kling (@Travis_Kling) January 23, 2020<\/a><\/p><\/blockquote>\n\n