While the Fed's interest rate decision is expected to be announced in Bitcoin today, a new Bitcoin report came from Valkyrie Investments.
According to the news of Coindesk, Valkyrie analysts, who examined the daily chart of BTC, noted that the bulls formed a pattern that could move the Bitcoin price towards $ 37,000 on the daily chart.
Analysts stated that a regression price pattern has formed on Bitcoin's chart.
A retracement pattern is when price falls to a previous breakout level or support that later turned into resistance.
Accordingly, prices rise after the recession period is complete, that is, after falling to the previous breakout level.
Analysts led by Valkyrie Investments head of research, Joshua Olszewicz, made the following statements in their report:
“Bitcoin fell to $25,000 after the events in the crypto money industry. This level, which was resistance for BTC, but was broken in March and turned into support.
In this context, when we look at the current graph of Bitcoin, we see that it is in a period of decline.
Because Bitcoin showed a classic regression pattern, with a 19% drop from $31,000 in mid-April to $25,000, an old breakout point.
According to this model, the bulls have the power to increase the BTC price from $25,000 to $37,000.”
Analysts recently said that on the daily chart, BTC recently retested the $25,000 support level shown in green and completed the reversal.
“The bearish pattern seen on the BTC chart took the form of a falling wedge. A falling wedge is also a bullish reversal pattern.
However, if BTC price drops to $23,690 which is the 200 SMA, the pullback and falling wedge pattern will become invalid.”
Bitcoin continues to be traded at $ 25,983 at the time of writing.
*Not investment advice.