While the leading cryptocurrency Bitcoin exceeded $ 72,000 again today, investors’ expectations for further rises continue.
While many analysts are analyzing the BTC chart, a new analysis has come from 10x Reserach founder Markus Thielen, known for his accurate predictions.
At this point, Thielen stated that the chart indicates an upward trend for Bitcoin and said, “The chart shows that Bitcoin’s last triangle consolidation has resulted in an upward trend.” said.
“Bitcoin surpassed $72,000 through a symmetrical triangle pattern defined by a resistance line connecting the highs of March 15 and March 27 and a support line connecting the lows of March 20 and April 3.
BTC broke the upper line of the triangle pattern. If the breakout is bullish, which we think it is, Bitcoin could rise above $80,000 in the next few weeks. “
What is Symmetrical Triangle Formation?
The symmetrical triangle, often called a coil, represents consolidation within a narrowing price range.
After the market consolidation process, it breaks in one direction and moves in that direction. However, analysts often think that symmetrical triangles end in an uptrend.
In the current situation, Bitcoin seems to have broken the symmetrical triangle upwards. This increases bullish expectations for BTC. However, even though the BTC chart gives an upward signal and analysts expect an increase, do not make your investment decisions based on a single data, signal or analysis. These data are helpful data that have a margin of error and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
