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.
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.
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.