Bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has bounced higher, rallying from Saturday’s $7,900 daily lows to $8,175 as of the time of writing this piece. That move represents a 3.5% gain.

Altcoins have followed suit, with a majority of large caps like Ethereum and XRP also experiencing 2% to 4% bounces from yesterday’s low. Monero, BSV, and BCH, and 0x are experiencing larger gains of upwards of 7%. What comes next for the cryptocurrency market will be important according to multiple analyses.

Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?

Bitcoin Needs to Close Above $8,150

As pointed out by , this move higher has allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September. The triangle in question, per Milne’s analysis, was nearing its apex. See more

Seems important? — Alistair Milne (@alistairmilne)

The chart implies that for Bitcoin to remain in bullish territory, it will need to close above the upper arm of the triangle, which currently sits at around $8,050. Rekt Capital, has echoed a similar line. He remarked in a recent tweet that for Bitcoin to undergo a bullish continuation pattern, BTC will need to see a high-time frame close above $8,150. This was also corroborated by Data Dater, who said that as $8,150 is where Bitcoin’s 233-day moving average lies, a daily close above that level would implying 10% continuation to $9,000. //twitter.com/datadater/status/41147648

Fractal Predicts Dramatic Drop

While many analysts and traders have viewed this upward breakout in a bullish light, one noted that it fulfills a fractal that he has been tracking for a few days now. il Capo of Crypto posted the chart below in the wake of the upturn, noting that Bitcoin’s current chart looks very similar to the move from $10,500 to $7,700, having seen a falling wedge breakout and having hit a number of key Fibonacci Retracement levels. See more

— il Capo Of Crypto (@CryptoCapo_)

Capo notes that should the fractal play out almost in full, Bitcoin will peak at $8,350 in the coming hours, then fall at least as low as $7,500 in a massive red candle to the downside.

Related Reading: Too Obvious? Current Bitcoin Price Action Resembles $3,200 Bottom

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