Bitcoinโs 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, itโs 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, itโs important to consider the selling activity by whales before making any predictions.
Hot Take: Bitcoinโs Potential Comeback Holds Promise ๐
The presence of a bullish pennant on Bitcoinโs 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 shouldnโt overshadow the overall positive outlook for Bitcoinโs future performance.
Fin Boldom has emerged as a notable crypto analyst, accomplished researcher, and adept editor, leaving a distinct mark in the field of cryptocurrency. As a skilled crypto analyst and researcher, Fin’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. His analytical acumen is seamlessly complemented by his editorial finesse, enabling him to distill intricate crypto information into easily comprehensible content