Bitcoin was easily the best performing “currency” over 2015, with a 100% rise in price from its low.  A series of bearish media articles and a letter from Mike Hearn, one of the leading members of the community and coders for Bitcoin, sent the coin into a bearish market posture.

Since the letter, and despite significant volatility, Bitcoin has only consolidated on its weekly chart:

A Bitcoin price chart (in US Dollars) from the last year. The consolidation pattern is quite clear.

The question remains, will Bitcoin break out? Or will it crash?  If a gun was held to my head, I would suggest that Bitcoin will be heading into a new bull leg soon, and potentially a long-term one.


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