The current trading price of Bitcoin (BTC), the top crypto asset by market cap, is $63,857. The current price of BTC is down 0.6% over the last 24 hours. Experts were anticipating a rise to at least the $68k level, but unfortunately, Bitcoin faced a correction before reaching $65k.
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Crypto analyst TitanOfCrypto has identified a bullish pattern forming for Bitcoin, suggesting that a significant price movement could be imminent. The analyst highlights the formation of a “Golden Cross” on Bitcoin’s charts—a technical indicator where the 50-day moving average crosses above the 200-day moving average. This signal is often seen as a precursor to a bullish trend. According to the analyst, Bitcoin’s recent close above $59,500 indicates that bullish momentum is gaining strength, but he cautions that further confirmation is needed, as Bitcoin must break through additional resistance levels.
In the longer term, TitanOfCrypto points to the potential formation of a massive bull pennant on the monthly time frame, which could lead to a substantial price increase for Bitcoin. This technical pattern suggests consolidation followed by a strong upward breakout. Based on this pattern, the analyst sets a lofty price target of $178,000 for Bitcoin, indicating that significant gains could be on the horizon if the pattern holds true.
The observation that “they bought the fear” suggests that investors are accumulating Bitcoin during periods of market uncertainty, potentially setting the stage for a major rally.
Cathie Wood on Bitcoin
Recently, Ark Invest CEO Cathie Wood made a bold prediction regarding Bitcoin, forecasting a significant surge in its price. According to Wood, Bitcoin could soar to $1.5 million by 2030. She bases this prediction on the growing institutional adoption of Bitcoin, its use as a hedge against inflation, and the increasing recognition of Bitcoin as a valuable asset in diversified portfolios.
Wood’s bullish outlook is rooted in her belief that Bitcoin’s decentralised nature and limited supply will continue to attract investors, driving its price up significantly over the next decade.
Read also: Collapsed Indian Crypto Exchange WazirX CEO Blocks Crypto Influencers Over Customer Fund Questions
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