Bitcoin Bulls Eye $61,000 As BTC Roars Past $47,500 in Classic Textbook Price Pattern

After an eleven-week consolidation, Bitcoin appears to be out of the woods, having rallied beyond $45,000. After printing a bullish ‘marubozu’ candlestick on Sunday, the pioneer cryptocurrency is currently trading at $47,503, up 16% in the last seven days.

Ethereum, Bitcoin’s main competitor, is presently selling at $3358 and is up 5.7% on the day and 15% in the last week. Solana has gained the most among the top ten categories, rising 8.38% in the last twenty-four hours to $109.43. Other cryptocurrencies, such as ADA, DOT, DOGE, and SHIB, are up 7.27%, 7.06%, 6.08%, and 13.15%, respectively, in the last 24 hours.

During the build-up, the crypto market’s overall transaction volume surpassed $110 billion in the preceding 24 hours, an increase of 63.07% over the previous day. According to CoinMarketCap, the entire market value increased by 4.75% month over month to $2.13 trillion.

According to Coinglass, approximately $558 million has been liquidated across all cryptocurrencies in the previous 24 hours, with 88,031 short traders liquidated. During the same time span, almost $170 million in Bitcoin was forced to depart its positions. On BitMEX, the greatest liquidation order occurred, with a single firm losing $10 million in XBTUSD.

A buyer-seller imbalance was the driving force behind Bitcoin’s top on Sunday, with seasoned traders seeing a “bullish reversal triangle pattern” days before the price ‘broke and closed over the $45,000 resistance.

The pattern, which is classified as a textbook one since its entry, stop loss, and take profit positions are immediately identifiable, has been one of the most detailed and unambiguous patterns on the bitcoin chart to date.

A 2019 ascending triangle chart pattern similar to the one at hand is shared by Peter Brandt, a seasoned trader with over 40 years of trading expertise. This is in contrast to his prior prediction that the price of Bitcoin will plummet.

As shown above, a basic symmetrical reversing triangle design has a flat top. The higher lows indicate that buyers are stronger than sellers, which is important in predicting a price breakout. A profit objective of $61,000 would be set for such a pattern.

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Patrick

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