As per Matrixport, a crypto financial service platform, the narrowing wedge formation over the past three weeks is set to break upwards. This trend could lead to an equal upward move to the range at which the triangle started forming.
Bitcoin’s price could increase by 6,100 points, projecting a target of $35,000-$36,000, which represents nearly a 20% gain from the current price.
- Matrixport’s research highlighted the Fed’s prediction of raising interest rates by 25bps, believed to be the last hike for this cycle. This could potentially set up another strong rally for the crypto market.
- Furthermore, the US banking sector is struggling, with several failures that require liquidity injections and government guarantees for the acquiring party. Many experts believe Bitcoin could thrive amidst the ongoing banking crisis in the United States.
- Additionally, the buyback of stocks is set to resume in the country, with expectations of hitting $1 trillion this year, which is beneficial not only for stocks but also for risk assets like crypto.
- Although Bitcoin’s trading volume has decreased despite reclaiming $29k, “the path higher sees only limited resistance.”
- Transactions on the Bitcoin network have reached a record-high, and the number of active addresses on the network remains strong, near one million addresses, which suggests an upward trend.