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Bitcoin (BTC) in a Bullish Megaphone Pattern, According to Crypto Analyst – Here’s His Target

Bitcoin (BTC) in a Bullish Megaphone Pattern, According to Crypto Analyst – Here’s His Target

A widely followed crypto analyst says king crypto Bitcoin (BTC) is currently displaying a bullish pattern on the price charts.

Crypto trader Ali Martinez tells 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 BTC price action, we could target $34,000.”

Source: Ali Martinez/Twitter

Bitcoin is worth $28,337 at time of writing, up 3.28% in the past 24 hours and more than 10% in the past week. It’s also up more than 70% since the start of 2023.

After surging over the weekend, BTC briefly dropped below $27,000 on Wednesday after the U.S. Federal Reserve announced it was raising interest rates by 25 basis points in an ongoing effort to draw down inflation. The top crypto asset recovered those losses by Thursday, however.

Martinez, citing data from the crypto analytics firm Santiment, also notes that roughly 310,000 Ethereum (ETH) were taken out of exchange wallets in a 48-hour period this week.

“310,000 ETH have been taken out of known crypto exchange wallets in the last 48 hours, worth $558 million, shows data from Santiment Feed.”

Source: Santiment via Ali Martinez/Twitter

Crypto exchange outflow points to investor cold wallet accumulation and has historically been interpreted by traders as a bullish indicator.

ETH is trading at $1,817 at time of writing. The second-ranked crypto asset by market cap is 4.21% in the past 24 hours and more than 7% in the past seven days. Ethereum is also up more than 51% since the start of the year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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