This Bullish Chart Pattern Signals Bitcoin’s Price to Rise to $48,000 Soon | Cryptocurrency

  • Carl Runefult, a leading analyst, has predicted that the price of bitcoin will hit $48,000 in the next two weeks.
  • The analyst has identified a bullish pattern on the chart that suggests a massive Bitcoin rally.
  • Analysts at Netcost-Security argue that the new bitcoin price changes are bad for spot buyers, contrary to Carl’s prediction.

A leading analyst identified a bullish chart in Bitcoin and predicted an unprecedented rise in the largest cryptocurrency asset. Cryptocurrency analysts at Twitter explained how a combination of economic factors and political decisions could push the price of bitcoin higher despite the recession.

Also Read: Three Reasons Bitcoin Price Could Be Witnessing Strong Short-Term Pressure

Why $19,600 Could Be the Last Traders Expected

Carl Runefult, better known as Moon, has released a new video on the Bitcoin price trend in which an analyst identified $19,600 as the bottom. The Moon claims that it is likely that $19,600 was the lowest since it was the highest price level for the 2017-2018 bull market.

Runefelt said:

And if anything [19,600] was the background? What if it was a bounce and a big bullish reversal?

Runefelt explored the possibility that the price of bitcoin could bottom out at $19,600 before a bullish 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, moved from “fear” to “neutral” today. The indicator has a scale from 1 to 100 which indicates fear, greed and neutrality of the market towards bitcoin in general.

Analysts Spot Signs of a Reversal in the Bitcoin Price Trend

Chichi Lu, CEO of Venn Link Partners, believes that the Bitcoin market may have bottomed out. Lou told Bloomberg,

the liquidation of leveraged positions appears to be completed.

Joe DiPasquale, CEO of BitBull Capital, looks at Bitcoin’s month close and notes that BTC has retested support levels between $19,000 and $20,000. Di Pasquale said:

Successful bounces from this range can give traders a solid foundation to continue higher.

Netcost-Security Analysts Show Conflicting Opinions on Bitcoin Price

Analysts at Netcost-Security have mixed opinions on bitcoin and believe that spot buyers could be in a bad position. Analysts have set a bearish target for the price of bitcoin. For key pricing metrics and more information, watch the video below:

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