According to economist Raoul Pal (@RaoulGMI), Bitcoin is about to enter the new rally as it has almost left the wedge figure, breaking the top of it.
![Image source: Twitter @RaoulGMI](/image/800/0/ieg2zHDL9mUGuobIjdbwf8BvGYgb4UxblIeH791e.png)
From a technical perspective, Bitcoin is not showing interesting yet. The trading has been taking place in the range of $8,800-$9,700 for 2 months. The trading volume is at relatively medium level, which confirms that neither bulls nor bears are dominating at the moment.
![Image source: TradingView BTC](/image/800/0/viEe7uMwJOHbMLoaxxWA1CKtBKUzckXAPAGpGFvU.png)
The bearish scenario will become relevant if sellers push Bitcoin below $8,800 and fix there. In this case, the bullish trend that started in mid-March 2020 might come to the end. Bitcoin is trading at $9,428 at press time.