Home Latest News This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent...

This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent – FXStreet

Ekta Mourya Ekta Mourya

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
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. 
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.
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:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Vasil hard fork is scheduled for September 22. Analysts evaluated Cardano’s potential to climb above all-time highs of $3.01 ahead of the massive event.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise.
Shiba Inu price shows a strong adherence to the immediate support level despite the recent crash. However, investors need to be careful as the current position of SHIB could push it either way.
ApeCoin price has been on a massive downtrend as most altcoins have in the last month. However, APE seems to be coiling up to trigger a massive and explosive recovery rally. 
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Previous articleAlphabet Stock: A Bear Market Bargain You Don't Want To Miss (NASDAQ:GOOG) – Seeking Alpha
Next articleCryptocurrency News: Bitcoin, Ethereum Rise; SEC Chair Gensler's Crypto Comments – Investor's Business Daily
She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.