Since the entire cryptocurrency market is currently on a remarkable upward trajectory, several market analysts expect more gains Bitcointhe top cryptocurrency assets, as they predict the token’s price will go even higher.
Historical trend that will send Bitcoin to $60,000
Crypto Jelle, a cryptocurrency analyst and investor, has expressed optimism about Bitcoin’s price action. Jelle recently shared a positive forecast for BTC in the near future on the social media platform X (formerly Twitter).
The expert’s projections delve into Bitcoin’s current price movement and its potential to rise even further. He highlighted a trend that serves as a catalyst for a price increase.
Jelle’s X-post was accompanied by a chart showing that the crypto asset has formed a “Bullish Megaphone” pattern. According to him, this is “yet another bullish megaphone pattern,” suggesting the price will move higher, putting his price target at $60,000. If Bitcoin manages to maintain its current momentum during the crypto market’s rally, it is possible that the price of BTC could reach $60,000.
In another X after, Jelle also pointed out that the token is currently in an area where it normally sees the best gains. Jelle revealed that BTC always experiences the best returns when the “weekly Relative Strength Index (RSI) is above 70.” Therefore, he has urged his thousands of followers to invest significantly in the token to position themselves for greater profits.
BTC ended the week prior bullishly, remaining above the $52,000 threshold, despite strong opposition. This simply indicates strong investor confidence and dependence on the digital assets.
After passing the $52,000 level, it set a new two-year weekly high record. Due to Bitcoin’s tenacity and upward movement, investors and market watchers are anticipating what lies ahead.
Massive whale movements during price increase
In light of BTC’s rally, Whale Alert has reported en masse whale transactions executed hours ago. Whale Alert revealed that approximately 18,484 BTC worth approximately $962 million were withdrawn from the decentralized exchange Coinbase.
The on-chain tracker reported that the aforementioned withdrawals were made in two separate transactions. Whale Alert noted that the first transaction saw 9,322 BTC worth approximately $485 million will be withdrawn from Coinbase.
Meanwhile the second transaction witnessed 9,162 BTC worth approximately $476 million are withdrawn from the same exchange. Both wallet addresses involved in the withdrawal appear to be new as they had no previous transaction history.
At the time of writing, Bitcoin was trading at $52,336, indicating an increase of over 9% in the past seven days. Despite the price increase, trading volume appears to have fallen by more than 10% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
