Naturally, the day after we publish an article about dealing with the frustration of the Bitcoin ( BTC ) consolidation, Bitcoin ( BTC ) follows our bullish theme and breaks out.

Currently, Bitcoin ( BTC ) is resting right below its 200-day moving average near 8644. We believe Bitcoin ( BTC ) has the momentum to break through this moving average for two reasons. First, stochastics have turned up from an oversold condition and are now in a very bullish posture. Second, we believe smart money accumulated Bitcoin ( BTC ) near 8000. A volume profile shows that Bitcoin ( BTC ) could zoom to the next high volume zone, which is near 10,500. Bitcoin ( BTC ) could move quickly to the last area where buyers and sellers were active. That level is 10,500.

Bottom Line: There are other reasons to be bullish on Bitcoin ( BTC ). Stocks, real estate, venture capital valuations are at all-time highs. Gold and Silver are at multi-year highs. So, why is Bitcoin stuck over $4,000 below the 2019 high and $12,000 below its all-time high?

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: