When will the bulls take action? One analyst believes the Bears time is almost over

• Bullish activity in the crypto space has been long-awaited by the community over the past few months and in recent weeks, many bulls have questioned the possibility of bitcoin potentially spiking to new highs. 
• As the leading cryptocurrency continues to drift between $9700 and $10,000, one analyst has said that it is only a matter of time before bullish action takes hold.

Bullish activity in the crypto space has been long-awaited by the community and many analysts over the past few months and in recent weeks, many crypto bulls have questioned the possibility of bitcoin potentially spiking to new highs. As the leading cryptocurrency continues to drift between $9700 and $10,000, one analyst has said that it is only a matter of time before bullish action takes hold.

One analyst on Twitter going by the name of @BTC_JackSparrow has said that bitcoin is indicating some of the longest bullish patterns which have been based on strong accumulation under $10,000. This is all whilst the leading coin has been trading sideways over the past few weeks and many investors and miners have been trying to make the most of this to hold their assets.

Price has been ranging under often tested resistance for almost 6 weeks

Full V

No previous highs taken out

So far zero confirmations on bearish market structure

3 weekly sell-off attempts that have failed

Weekly closed higher yet again

Clock's ticking for the bears pic.twitter.com/q8bWmqSC1G

— //Ethereum 𝕵ack 🐾 (@BTC_JackSparrow) June 8, 2020

In order to fight off the Bears within the space, bitcoin needs something to push it over the edge…

A potential factor for this could be the negative interest rate announcement by the FED this week. It has been predicted by experts that the FED will vote to extend to the zero interest rates set earlier in the year however, this is no certainty. The bureau of economic research has said that the economy went into a recession earlier this year in January and in the past, it has taken months of negative growth for the economy to have gone into a session but given the pandemic brought on by COVID-19, it was far more significant than people had imagined.

During all of this and more, the analyst has highlighted that the Bears have tried to pull bitcoin down on several occasions in the past but to no real success.

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