😱🚀Bitcoin Price Is Now 'Well Positioned', Will Reach $48,000 This Month If This Pattern Maintains
The apex cryptocurrency Bitcoin may be on its way to restoring the price levels reached earlier. This sentiment was shared by a cryptocurrency analyst who believes that Bitcoin could reach the $48,000 price mark in the near term.
A long-term stock and crypto investor has switched to X, formerly known as Twitter, to make some bullish price predictions for Bitcoin. The pseudonymous personality with the username "CryptoJelleNL" recently shared the upward trend he saw in crypto listings with his 50,000 followers on the platform.
The investor pointed out that Bitcoin has broken away from a bullish megaphone formation. In particular, the megafon model is a graphical model used for technical analysis. The pattern typically occurs during intense volatility and is best known for extending the formation. Although it also points to increasing risks in the long term, it offers rare wholes and exit points for market players.
Depending on whether it is moving up or down, the formation can be considered to show an upward or downward trend. In Bitcoin's case, it is extremely promising because it is bullish. The new development confirms that Bitcoin has passed a major resistance level and is heading for more pristine peaks.
According to the investor, Bitcoin is currently in a good position to hit the $ 48,000 price. Although he did not specify a specific time frame for the start of the perceived rally, he is confident that it will come faster than the market expects.
As his article reads;
Jelle
@CryptoJelleNL
Bitcoin broke the 2-year downtrend and then also broke the biggest resistance on the chart.
If you're still waiting for 12 grand, I have bad news for you.
This goes much higher.
Meanwhile, Bitcoin bulls have continued to try to maintain current price levels Dec. The Apex cryptocurrency is currently trading at $36,861. Bitcoin has risen by more than 26% in the last 30 days, while the trading volume has increased by 32% in 24 hours.
