Bitcoin prices have been displaying bullish momentum which appears to have intensified in the past few days. The price which was stuck around $22,500 and $22,900, broke out of the narrow consolidation to mark interim highs around $23,960. In the meantime, the token appears to have formed one of the rare patterns that may rise the price levels by another 10% soon.
A popular analyst and a veteran commodity trader, Petter Brandt say that the star crypto has formed a ‘double-walled’ fulcrum pattern which is largely considered as bullish. The analyst also predicts the BTC price to rise by 2x to reach above $25K soon.
The Fulcrum pattern which was developed by the analyst himself is basically a reversal pattern similar to the double top or double bottom pattern whenever the chart is pushing the price upwards or downwards. It also indicates the potential turning point due to the exhaustion of either the bears or the bulls.
The analyst believes that Bitcoin has to reach the desired target very quickly else severe testing of the fulcrum could occur. Well, the analyst has been bullish on Bitcoin for quiet a long time and also maintains his $25,000 BTC price prediction until now.
Woefully, the ATR, or the Average True Range that displays the volatility of the asset has been trading flat while the ADX or the Average Directional Index that indicates the strength of the rally is forming constant lower highs and lows. Therefore, with the continued trend, even if the prices rise beyond $25,500, it may face a notable rejection ahead.
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- Source: https://coinpedia.org/price-analysis/top-analysts-say-bitcoin-may-rise-to-25500-in-the-next-48-hours/