In the last 24 hours, the largest crypto project Bitcoin (BTC) surpassed the $30,000 price point for the first time in two months. Although Bitcoin momentarily dropped to $29,917 at the time of writing this news, its seven-day performance remains above 11%.
Amid BTC’s performance pushing the overall digital asset market into a greenish trend, leading chart analysts predict that market participants can expect even bigger bulls in the coming days.
In particular, a famous crypto- Analysis YouTube channel The Moon argued that Bitcoin’s chart patterns form a diamond pattern. Presenter Carl stated that the resulting model is based on Bitcoin’s weekly time frames. It showed how Bitcoin weekly price charts tick all the boxes for a diamond pattern, with a large move to the upside and another move alongside a horizontal dip in the middle.
According to Carl, the diamond-shaped chart shows that Bitcoin could see a bullish pattern in the next 24 hours. is showing. Specifically, he argued that market participants could expect the next target for BTC to be $41,000 within a 30-day period following the expected breakout.
TRADE ALERT: #Bitcoin diamond pattern
Target: $41,000 within 30 days.
NEWS CONTINUES BELOWMore info here: https://t.co/4uX3lL9Sf8 pic.twitter.com/2ABJo5fYiu
— Carl From The Moon (@TheMoonCarl) October 22, 2023
Koinfinans.com As we reported, the chart analyst also stated that the critical resistance level that Bitcoin must break is the $31,000 price level, which appears just above the drawn diamond shape. Carl also shared the long positions he opened for BTC. The analyst revealed that some of his Bitcoin long bets have already made a profit of $9,000.
Additionally, Carl stated that the expected Bitcoin spot exchange fund (ETF) approval was among the reasons he opened BTC long positions now. “Any day now the ETF will come out and we will wish we had those long positions then,” Carl said.