The Bitcoin price was over $30,000 over the weekend to reach its highest point since mid-July. As part of this recent rally, crypto trader Carl From The Moon has shared his Bitcoin analysis, predicting that the cryptocurrency is poised for a massive 37% rally that could push the price up to $41,000.
Analyst Carl From The Moon Predicts Bitcoin Price Rally
Bitcoin has been subject to many price predictions in recent months, especially as the industry waits for applications to be approved spot Bitcoin ETF. Then Carl Runefelt, aka Carl From The Moon, based his long-term analysis on a bullish run if these filings were approved.
In a new YouTube video, Carl points out that Bitcoin price action has just reached a diamond pattern, and a major breakout to the upside is looming in the next 30 days.
TRADING ALERT: #Bitcoin diamond pattern.
Goal: $41,000 within 30 days.
More information here: https://t.co/4uX3lL9Sf8 pic.twitter.com/2ABJo5fYiu
— Carl from the Moon (@TheMoonCarl) October 22, 2023
Carl sees a few factors that indicate Bitcoin is poised to rise. First, crypto was on an upward trajectory at the beginning of the year. Then, around April, a diamond pattern began to form on the weekly timescale. Now Bitcoin is in a prime position to break the $31,000 resistance level, which would see the cryptocurrency rise 37% from its current price of around $30,000 to $41,000.
“What we can see now is a huge, huge diamond pattern on the weekly time frame. And if Bitcoin breaks up like this, we could see Bitcoin go all the way to $41,000, which would be absolutely insane, right?” said Karel.
For now, Carl remains extremely bullish. In addition to his prediction, Carl also thought about the current general sentiment of most Bitcoin traders for the foreseeable future. He does this by showing his long positions on various crypto exchanges, while he plans to add more when a spot Bitcoin ETF is approved.
“Any day now the ETF will come out and we’ll be wishing we had these long positions open,” the crypto analyst said.
Carl isn’t the only analyst predicting high Bitcoin prices based on the endorsement of Bitcoin ETFs. Multiple other experts also think so Bitcoin will peak in the coming months, with some returns higher price targets than others.
Crypto analyst Mags, for example, on social media platform X predicted a price tag of $70,000 can be foreseen. A more optimistic prediction came from Cathie Woods, CEO of Ark Invest, who predicted $1.48 million for each Bitcoin, based on increasing mainstream adoption.
At the time of writing, Bitcoin is trading at $30,522, up 9.86% in a seven-day span. Most signs point to it higher prices aheadand many retail investors and heavyweights are looking forward to it position themselves. Crypto whale transaction tracker Whale Alerts also recently revealed a massive withdrawal of 1,087 BTC from crypto exchange Binance.US to a private wallet, suggesting accumulation is underway.
🚨 🚨 1,087 #BTC (USD 32,531,932) transferred from #BinanceUS to unknown wallethttps://t.co/NsHxbV0TGS
— Whale Alert (@whale_alert) October 23, 2023
BTC finds support at $30,500 | Source: BTCUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com