A crypto strategist who hit the bottom of Bitcoin’s 2018 bear market believes BTC is gearing up for another rally.
Pseudonymous trader Bluntz tells his 234,200 followers on social media platform X that Bitcoin appears to be consolidating within a triangle pattern on the daily chart.
The trader shares a chart showing BTC breaking out of the pattern and rising to around $48,000.
“Many people expect lower on BTC, but eventually the price contracts sideways and unless $40,500 is lost, I see no reason to expect even lower but more likely consolidation in expansion.
Probably a little longer sideways [and] than in my opinion.”
With Bitcoin up more than 6% in the past 24 hours, Bluntz says traders are starting to turn bullish on BTC.
“Absolutely amazing. Daily [chart] it takes shape and just like that, in the space of 24 hours, it seems like all the bears have become bulls again, as far as I can tell after 10 minutes of scrolling through the feed. I continue to be amazed at what 24 hours of price action can do to sentiment.”
Bluntz is not the only analyst who is positive about Bitcoin. Fellow crypto strategist Rekt Capital tells his 380,800 followers on social media platform
“Bitcoin has revisited the pattern and much more. BTC is closed daily above pattern resistance to boost the breakout process. Any decline into the top of the pattern would fully confirm the breakout.”
At the time of writing, Bitcoin is worth $45,516.
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Featured image: Shutterstock/vvaldmann/Konstantin Faraktinov