Bitcoin Predicted to Hit $13,000 by Textbook Chart Pattern
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.”
However, not everyone believes this is a textbook ascending triangle. One trader suggested that the ascending triangle is gradually converting into a rising wedge, which looks similar to an ascending triangle, but it is actually considered a bearish textbook pattern as it usually precedes retracements.
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.
“The bullish ascending triangle (preceded by a rising trend, which is good) started to look like a bearish rising wedge. Together with extended bearish (potentially exaggerated) divergencies, the situation becomes slightly dangerous for bulls,” he said.
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.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.