This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent


Share:
  • Carl Runefult, top analyst predicted that Bitcoin price will hit $48,000 in the next two weeks. 
  • The analyst identified a bullish chart pattern that implies a massive rally in Bitcoin. 
  • FXStreet analysts argue new developments in Bitcoin price are bad for spot buyers, in contrast to Carl’s prediction. 

A top analyst has identified a bullish chart pattern in Bitcoin and predicted an unprecedented rally in the largest crypto asset. Analysts across crypto Twitter explained how a confluence of economic factors and policy decisions could push Bitcoin price higher, despite recession. 

Also read: Three reasons why Bitcoin price could witness a big short squeeze

Why $19,600 could have been the bottom traders waited for

Carl Runefult, better known as the Moon, dropped a new video on the Bitcoin price trend in which the analyst identified $19,600 as the bottom. The Moon argues that it is likely $19,600 was the bottom as this is the price level that was the top for the 2017-18 bull run. 

Runefelt said, 

What if this [19,600] was the bottom? What if this is the bounce and the big bullish reversal?

Runefelt explored the possibility of Bitcoin price hitting bottom at $19,600, before a bullish trend reversal, setting the stage for a massive rally to $48,000.

Interestingly, the Bitcoin Fear and Greed Index, considered an indicator of market sentiment towards the asset, turned from Fear to Neutral today. The indicator has a scale of 1-100 that indicates fear, greed and whether the market is neutral on Bitcoin in general. 

Analysts identify signs of reversal in Bitcoin price trend

Cici Lu, the CEO of Venn Link Partners is of the opinion that Bitcoin market may have found a bottom. Lu told Bloomberg,

liquidation of leveraged positions seems to be over.

Joe DiPasquale, CEO of BitBull Capital is interested in Bitcoin’s monthly close and observed that BTC retested support levels between $19,000 and $20,000. DiPasquale was quoted as saying,

Successful bounces from that range could give bulls a solid foundation for a continued rally.

Analysts at FXStreet reveal contrasting views on Bitcoin price 

FXStreet analysts have a contrasting view on Bitcoin and believe spot buyers could be in a bad position. Analysts have set a bearish target for Bitcoin price. For key price levels and more information, check the video below:

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles

Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles

Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800.

More Cryptocurrencies News

Bitcoin price retreats as US core PCE inflation comes hotter than expected

Bitcoin price retreats as US core PCE inflation comes hotter than expected

Bitcoin price declined in response to April's US core PCE inflation data, which came higher than anticipated. The knee-jerk reaction from market participants increased the selling pressure on the asset, pushing it below $26,400.

More Bitcoin News

Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto

Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto

Cardano, one of Ethereum’s main competitors, is gearing up for further decentralization through its Improvement Proposal (CIP-1694),  which is expected to bring the  Ethereum-killer altcoin into a new era of governance with decentralization in its decision-making.

More Cardano News

PEPE price action puts traders on the edge of their seats as pennant gets filled

PEPE price action puts traders on the edge of their seats as pennant gets filled

PEPE price is entering the very last possible stage before finally determining whether bulls or bears have the winning hand in this poker game showdown.

More PEPE News

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.

Read full analysis

BTC

ETH

XRP