According to data from crypto financial services platform Matrixport, a narrowing wedge that has been forming over the past three weeks is about to break to the upside. Such a trend can expect a move up by an amount equal to the range in which the triangle started to form.
The breakout could send Bitcoin up 6,100 points, setting a target between $35,000 and $36,000. Such an upside would represent roughly a 20% gain from the current price.
- Matrixport search highlighted The Fed raised interest rates by another 25 basis points, which is believed to be the last hike for this cycle. This could set up the crypto market for another strong rally.
- At the same time, the banking sector was subjected to a number of failures that required liquidity injections and government guarantees for any acquiring party. Many experts believe that Bitcoin can thrive amid the ongoing banking crisis in the United States.
- Moreover, in the country’s latest corporate earnings season, share buybacks seemed to have resumed. In fact, buybacks are expected to reach $1 trillion this year. This trend could be beneficial not only for stocks but also for risky assets like crypto.
- Despite recovering $29k, bitcoin trading volume has been declining. However, the report also noted that “the higher path sees only limited resistance.”
- Another important factor pointing to the upside is the transactions on the Bitcoin network that have reached a record high. The number of active addresses on the network has also remained strong, approaching 1 million.
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