In short: Matrixport's data suggests that the narrowing wedge formation of the past three weeks is about to break to the upside, projecting a potential 20% gain from the current price of Bitcoin and establishing a target of $35,000-$36,000. The Fed potential raise of interest rates and the ongoing banking crisis in the United States could further support the crypto market. Additionally, recent company earnings revealed resuming stock buybacks targeted to hit $1 trillion this year, which could be beneficial for both stocks and risk assets such as crypto.
Quick analysis:
Bitcoin has been trading in a range for the past three weeks, with a narrowing wedge that is expected to break to the upside. According to data from Matrixport, this could lead to a 6,100-point move higher in the price of Bitcoin. If this happens, Bitcoin could reach a target of $35,000-$36,000, representing nearly 20% gains from the current price.
What’s driving this potential uptrend in the crypto market? Firstly, the Fed is expected to raise interest rates by 25bps, which could be the last hike for this cycle, and potentially set up the crypto market for a strong rally. In addition, the banking sector has been experiencing difficulties that could benefit Bitcoin, as liquidity injections and government guarantees are required for any acquiring party.
Furthermore, stock buybacks are likely to hit $1 trillion this year, which could prove beneficial not only for stocks but also for risk assets such as crypto. While Bitcoin’s trading volume may be on a decline, the path higher sees only limited resistance. It’s also important to note that transactions on the Bitcoin network have reached a record high and the number of active addresses on the network remain strong near 1 million addresses.
It’s clear that there are several factors that suggest an uptrend for Bitcoin. Will it reach the $35,000-$36,000 target? Only time will tell. But for now, the crypto market remains optimistic. Stay tuned for more updates on crypto news and market trends.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
Quick analysis:
Bitcoin has been trading in a range for the past three weeks, with a narrowing wedge that is expected to break to the upside. According to data from Matrixport, this could lead to a 6,100-point move higher in the price of Bitcoin. If this happens, Bitcoin could reach a target of $35,000-$36,000, representing nearly 20% gains from the current price.
What’s driving this potential uptrend in the crypto market? Firstly, the Fed is expected to raise interest rates by 25bps, which could be the last hike for this cycle, and potentially set up the crypto market for a strong rally. In addition, the banking sector has been experiencing difficulties that could benefit Bitcoin, as liquidity injections and government guarantees are required for any acquiring party.
Furthermore, stock buybacks are likely to hit $1 trillion this year, which could prove beneficial not only for stocks but also for risk assets such as crypto. While Bitcoin’s trading volume may be on a decline, the path higher sees only limited resistance. It’s also important to note that transactions on the Bitcoin network have reached a record high and the number of active addresses on the network remain strong near 1 million addresses.
It’s clear that there are several factors that suggest an uptrend for Bitcoin. Will it reach the $35,000-$36,000 target? Only time will tell. But for now, the crypto market remains optimistic. Stay tuned for more updates on crypto news and market trends.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
1 Comments
https://www.cryptospace.today/2023/05/is-bitcoin-heading-towards-36000.html
ReplyDeletePlease, behave!