Bitcoin (BTC) in a bullish megaphone pattern, according to crypto analyst – here’s his target
A widely followed crypto analyst says that the king crypto Bitcoin (BTC) is currently showing a bullish pattern on the price charts.
Crypto trader Ali Martinez says his 22,100 Twitter followers that BTC could target $34,000 if the bullish pattern proves prophetic.
“Bitcoin – Nothing Has Changed!
If this bullish megaphone is the governing pattern behind the BTC price action, we can target $34,000.”
Bitcoin is worth $28,337 at the time of writing, up 3.28% in the last 24 hours and more than 10% in the last week. It is also up more than 70% since the start of 2023.
After surging over the weekend, BTC briefly fell below $27,000 on Wednesday after the US Federal Reserve announced it is raising interest rates by 25 basis points in an ongoing effort to curb inflation. However, the top crypto asset recovered those losses by Thursday.
Martinez, also cites data from crypto analysis firm Santiment notes that approximately 310,000 Ethereum (ETH) were withdrawn from exchange wallets in a 48-hour period this week.
“310,000 ETH have been withdrawn from known crypto exchange wallets in the last 48 hours, worth $558 million, Santiment Feed data shows.”
Crypto exchange outflows point to the accumulation of investors’ cold wallets and have historically been interpreted by traders as a bullish indicator.
ETH is trading at $1.817 at the time of writing. The second-ranked crypto asset by market cap is up 4.21% over the past 24 hours and more than 7% over the past seven days. Ethereum has also increased by more than 51% since the start of the year.
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