Crypto Bulls Rejoice: Bitcoin May Skyrocket to $36K Soon!

Key Points:

• Bitcoin (BTC) could rally 20% to $35K-$36K.
• Bitcoin has been trading in a narrowing wedge about to be broken to the upside.
• Interest rate hike cycle over, setting market up for another strong rally.

According to a recent research report from Matrixport, crypto-services provider, Bitcoin (BTC) has the potential to experience an upward rally of around 20%, reaching values of $35,000 – $36,000.

The report highlights that Bitcoin has been trading within a narrowing wedge, which is about to be broken upwards. As per the report, technically this could project a move higher by an amount equal to when the wedge started to be formed, a range of about 20%.

While the Federal Reserve raised interest rates by another 25 basis points yesterday, Matrixport believes that there is a strong probability that this was the last rate hike for this cycle. This could set the market up for another strong rally. The report also noted that stock buybacks are now restarting following the end of the recent earning season and this will “continue to be a general tailwind for stocks and risk assets,” according to Markus Thielen, head of research.

Regarding Bitcoin trading volumes, the note said they may have declined recently, but the “path higher sees only limited resistance.” The report added that transactions on the Bitcoin network have reached new all-time highs as the number of active addresses on the Bitcoin network has remained strong, nearing a million addresses.

Additionally, the report highlights that crypto sentiment has markedly improved with meme coins being actively traded, indicating a shift in market trends. While these factors may indicate an overall positive outlook for Bitcoin, it is important to note that the cryptocurrency market is highly volatile and subject to sudden shifts in trends. Therefore, investors should always carry out thorough research and analysis before making any investment decisions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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