Bitcoin bulls should prepare for a price rally towards $23,000, according to an independent analyst.
The pseudonymous Twitterati fleshed out the bullish outcome after spotting BTC/USD in an accumulation-friendly pattern. Titled “Ascending Triangle,” the structure forms when the price forms two or higher lows under a roof-like horizontal resistance level.
THE $23K BITCOIN CALL
Now, this ascending triangle is visible for everyone,” the analyst said based on a similar technical description, adding that “if its structure holds, long trade targets would be $22k and $23k.”
A lot of resilient sentiment took cues from the very factors that earlier helped the Bitcoin price rally. One of them is the developments related to the coronavirus vaccine. The prospects of a drug that could help contain the pandemic and, in turn, could reopen economies again as normal reduce investors’ exposure in safe-haven assets.
The US central bank will provide more information on how it would want to approach the markets with its emergency lending facilities at around 1400 EST this Wednesday.
The prospects of more liquidity entering the economy would keep the shine off the US dollar and government bond yields. These fundamentals serve as bullish catalysts for Bitcoin, almost falling in line with the pseudonymous analyst’s prediction dictated — albeit via technical indicators.