Confirming This Pattern Could Send Bitcoin Rocketing Towards $46,000

  • Bitcoin has seen mixed price movements lately, with bulls and bears at odds for the most part, while crypto is between $ 30,000 and $ 40,000
  • The cryptocurrency has been quite heavy lately due to the intensity of each of its recent rejections, which has given bears a slight edge
  • However, $ 30,000 remains a cornerstone of support and continued trading above the above market is bullish for BTC
  • A trader now notes that the cryptocurrency could be positioned to point further up if it can confirm an evolving bullish technical pattern
  • If confirmed, he claims that Bitcoin has a solid chance of seeing a surge to $ 46,000 in the medium term

Bitcoin’s mixed price move has not been specifically bearish lately, although it has not been able to gain momentum.

Sentiment has been hit hard due to the speed at which sellers have faded each pump, but support for crypto in the under $ 30,000 region has held up strong and shows no signs of ups and downs anytime soon.

An analyst is now bullish on BTC’s near-term outlook, noting that if bulls can see a bullish kumo breakout in the coming week, it could surge to $ 46,000 soon.

Bitcoin shows subtle signs of strength when support holds

At the time of writing, Bitcoin is trading just under 2% at its current price of $ 33,600. This is a slight decrease from the daily highs of $ 34,800.

While it is not possible to break the resistance at USD 35,000, it is important to note that every dip has been bought aggressively, suggesting that bulls are building strength.

As long as $ 30,000 remains a basic level of support for the cryptocurrency, the likelihood that Bitcoin will see another uptrend remains fairly high.

Analyst: This technical pattern suggests moving to $ 46,000

Pointing out cloud formation from Bitcoin, one trader observed what a bullish pattern could be, noting that crypto is likely to be on the verge of seeing significantly higher movement in the short term.

He points to $ 46,000 as a short-term upside target that could occur in the coming days and weeks.

“4h BTC: I like our odds at 46,000 if we can get a bullish kumo breakout in the next week,” he said, pointing to the chart below.

Image courtesy Josh Olszewicz. Source: BTCUSD on TradingView.

Unless bulls lose their position and allow a decline to or below $ 30,000, there is a strong possibility that an uptrend is imminent.

Featured image from Unsplash. TradingView charts.