Leading cryptocurrency Bitcoin While it exceeded $ 72,000 again today, investors continue to expect further rises.
Many analysts BTC Known for its accurate predictions when analyzing its charts 10x Reserach founder Markus ThielenA new analysis came from .
Thielen stated that at this point the chart indicates an upward trend for Bitcoin. “The chart shows that Bitcoin’s recent triangle consolidation has resulted in an uptrend.” 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 The symmetrical triangle appears to have broken upward. this too BTC It increases bullish expectations for 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.
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