What’s Next For Bitcoin? New BTC Prediction Is Out
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There are new predictions about the price of Bitcoin these days. Check out the latest reports about the price of the most important coin in the crypto market.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $38,295.
It’s been revealed that an important crypto strategist and trader says Bitcoin’s recent correction below $40,000 has set the stage for BTC to rally to $50,000 in the coming weeks.
Pseudonymous analyst Credible just said that Bitcoin’s rejection at $45,069 on March 2nd indicates that BTC is now trading inside a triangle pattern while carving a bottom.
“The depth of this retracement means our B wave is likely complete already if this is a triangle structure – now a standard triangle (like we had at $10,000) rather than running.”
He continued and said this:
“Daily demand in BLUE at $38,000 is still the key to hold for this idea to remain valid.”
The crypto strategist said that the triangle pattern that formed during that time preceded Bitcoin’s massive rally from $10,000 to $60,000.
“The last segment of our corrective structure that preceded the third impulse wave from $10,000 to $60,000+ was a triangle. [It] would be nice to see something similar here if our bottom is in. Remember a longer base typically leads to a stronger impulse. Pullbacks on BTC to $38,000 – $42,000 are healthy.”
Bitcoin could become a risk-free asset
The other day, we were revealing that we’re in the middle of important geopolitical tensions that are affecting the crypto markets as well. It’s been reported that a veteran crypto investor says that current events could help Bitcoin (BTC) transition into a store-of-value asset.
In a new interview with Bloomberg Technology, CoinShares chief strategy officer (CSO) Meltem Demirors tells host Emily Chang that worldwide sanctions following Russia’s invasion of Ukraine, as well as truckers in Canada losing banking access during a protest against their government, could do great things for BTC.
All this could propel Bitcoin away from the risk-on category of investments.
The post What’s Next For Bitcoin? New BTC Prediction Is Out first appeared on CryptoGazette – Cryptocurrency News.
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