A crypto strategist who nailed the bottom of Bitcoin’s 2018 bear market believes that BTC is setting up for another rally.
Pseudonymous trader Bluntz tells his 234,200 followers on the social media platform X that Bitcoin appears to be consolidating within a triangle pattern on the daily chart.
The trader shares a chart that shows BTC breaking out of the pattern and rallying to about $48,000.
“A lot of people expecting lower on BTC, but at the end of the day, the price is contracting sideways and unless $40,500 is lost, I see no reason to expect lower yet but more likely consolidation into expansion.
Probably sideways for a bit longer [and] then up, in my opinion.”
With Bitcoin up over 6% in the last 24 hours, Bluntz says that traders are starting to flip bullish on BTC.
“Absolutely amazing. Daily [chart] shaping up and just like that, in the space of 24 hours, it seems all the bears turned bulls again from what I can see from 10 minutes of feed scrolling. Never ceases to amaze me what 24 hours of price action can do to sentiment.”
Bluntz is not the only analyst who’s bullish on Bitcoin. Fellow crypto strategist Rekt Capital tells his 380,800 followers on the social media platform X that BTC “is in the process of breaking out.”
“Bitcoin has revisited the pattern and much more. BTC has daily closed above pattern resistance to kickstart the breakout process. Any dips into the top of the pattern would fully confirm the breakout.”
At time of writing, Bitcoin is worth $45,516.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/vvaldmann/Konstantin Faraktinov