Bitcoin is on its way to hit $13,000 in the near future as it keeps confirming a bullish textbook pattern, one trader has stated.
Talking about the way Bitcoin has formed an ascending triangle marked by higher lows and equal highs, the trader wrote in regards to the chart depicting the pattern: “As easy as it gets. The simple $BTC plays.”
The trader in question noted that Bitcoin might be in a risky zone because the rising wedge is taking shape, as well as some bearish divergences.
How Fundamentals Could Boost BTC Further
Fundamentals are believed to lead the king coin higher, probably towards $14,000, then $20,000, as per Mike Novogratz.
The Galaxy Digital chief executive said to CNBC previously this month that the increase in money printing by central banks will lift Bitcoin. This is most probably in reference to the way the supply of the leading cryptocurrency is fixed, while fiat money can be printed on demand.
Bloomberg wrote on Novogratz’s recent comments: “He said he thought the cryptocurrency, which has surged in value in recent weeks, had “crossed the Rubicon” on the question of whether it’s a good store of value, and said he considers it a better investment than gold at the moment.”
Other fundamentals expected to strengthen Bitcoin’s case for an increase include the boost in circulating USDT, Dave Portnoy buying BTC, and a rise in the hash rate.
