U.Today - According to prominent trader Josh Olszewicz, the Bitcoin (BTC) price could be on its way $48,000 if it breaks the $44,000 mark.
This forecast is based on the current technical patterns observed on the cryptocurrency's price chart. The top digital currency is trading at $43,485.48, up by 1.3% at the time of writing.
Chart patterns signal upward potential
Olszewicz's analysis points to repeated "A&Es," referring to Adam and Eve patterns. This is a double-bottom indicator, which signals a bullish trend reversal.He also notes the potential formation of an inverted head and shoulders pattern, another bullish indicator.
These technical formations, spotted in the proximity of a critical resistance level, suggest that a push beyond $44,000 could trigger a significant upward price movement.
The current chart shows Bitcoin has tested this resistance level multiple times, indicating a strong possibility of a breakout.
Bullish market sentiment
As , analysts, including Jake Wujastyk, have identified a symmetrical triangle pattern. This is why a big move is expected soon.The community is, of course, abuzz with the anticipation of a Bitcoin ETF (TSX:EBIT) approval in 2024, which many believe could inject new vigor into the market and potentially drive prices higher.
The presence of bullish chart patterns and the prospect of an ETF have set the stage for what could be a breakout year for the world's leading cryptocurrency. Market watchers are keenly observing the price action, with some industry bigwigs like Bitwise projecting a rally to as high as $80,000.