This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent
- 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:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
