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

Ekta Mourya Ekta Mourya
FXStreet

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:
 

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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.
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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.