Bitcoin’s Bullish Signs Point to a Potential Comeback
Despite the slowdown in bullish gains for many assets in the cryptocurrency sphere, Bitcoin (BTC) is showing optimistic signs of a potential explosive comeback. A bullish pennant has formed on its four-hour chart, indicating the possibility of a second flagpole spike in a bullish moment. Crypto analyst Trader Tardigrade made these observations on March 12, highlighting the continuation chart pattern represented by two trendlines that will eventually meet.
Bitcoin Bulls vs. Bears
Crypto market specialist CryptoJelleNL also identified two bullish megaphones that have already played out, with the potential for another one targeting $180,000 by the end of the year. However, it’s worth noting that trading expert Ali Martinez issued a sell-off alert for Bitcoin, pointing out that whales have started cashing out and reducing their positions.
Bitcoin Price Analysis
Currently trading at $71,810 with a 0.87% decline on its daily chart, Bitcoin has seen a 4.45% gain over the previous week and a 48.88% monthly advance as of March 12. These figures suggest the possibility of even stronger gains in the coming weeks and months, especially with the halving event on the horizon. However, it’s important to consider the selling activity by whales before making any predictions.
Hot Take: Bitcoin’s Potential Comeback Holds Promise 🚀
The presence of a bullish pennant on Bitcoin’s chart and the potential for another bullish megaphone indicate that Bitcoin may experience an explosive comeback. While there are sell-off alerts and profit-taking by whales, this shouldn’t overshadow the overall positive outlook for Bitcoin’s future performance.
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