2023-11-10 14:24 |
The apex cryptocurrency, Bitcoin, could be well on its way to reclaiming previously attained price levels. This sentiment was shared by a cryptocurrency analyst, who is convinced that Bitcoin could hit the $48,000 price mark in the near term.
A long-term stock and crypto investor has taken to X, formerly known as Twitter, to lay out some bullish price predictions for Bitcoin. The pseudonymous personality with the username “CryptoJelleNL” recently shared the bullish uptrend he spotted on the crypto charts with his 50,000 followers on the platform.
The investor pointed out that Bitcoin had broken out from a bullish megaphone formation. Notably, the megaphone pattern is a chart pattern utilized for technical analysis. The pattern typically surfaced during intense volatility and is most known for broadening formation. Although it also hints at increased risks in the long term, it offers rare entire and exit points for market players.
Depending on whether it is moving upwards or downwards, the pattern can be considered to either be bullish or bearish. In Bitcoin’s case, it is extremely promising because it is bullish. The new development affirms that Bitcoin has broken past a major resistance level and is headed for more pristine highs.
According to the investor, Bitcoin is now well positioned to hit the $48,000 price. Although he does not state any particular time frame for the perceived rally to kick off, he is certain it will come faster than the market expects.
As his post reads;
“Bitcoin has broken out from the bullish megaphone formation! With the key resistance behind us, that $48,000 target could come faster than many people think. I’m ready. Are you?.”
Additionally, the investor confirmed that Bitcoin had broken a 2-year-long downtrend before breaking the megaphone chart. Pushing back on the bearish sentiment that the market will not return to lower levels, he says, “If you’re still waiting for 12k, I have bad news for you. This is going much higher.”
#Bitcoin broke a 2-year-long downtrend and then broke the biggest resistance on the chart too.
If you're still waiting for 12k, I have bad news for you.
This is going much higher. pic.twitter.com/qDDYPwXPbY
Meanwhile, Bitcoin bulls have continued to attempt to sustain its current price levels. The apex cryptocurrency is now trading for $36,861. Bitcoin has soared by more than 26% in the last 30 days, while trading volume has surged by 32% within 24 hours.
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