Technical analysis by xazzam about Symbol BTC: Buy recommendation (4/2/2024)

Isolated from market volatility and price fluctuations, Bitcoin's bounce analysis from $63 or $62,000 reflects a technical pattern resembling a bull pennant. This pattern usually appears after a period of rising price, where a flag-like triangular formation is formed with a contraction in trading between support and resistance levels. In this case, the price of Bitcoin rises to form a higher high and then a pennant pattern is formed. Following this pattern, we can expect Bitcoin to continue rising towards the set targets that include $73,000, $80,000, $85,000, and $90,000. These targets are considered positive trading signals, as investors expect the cryptocurrency's upward momentum to continue. One of the factors that could support this rise is the Fork event that occurred in Bitcoin in April. This event is usually a positive market catalyst, as investors tend to buy in expectations of additional gains. Regardless of market fluctuations and price volatility, the analysis of Bitcoin rebounding from the $63k or $62k level reflects a technical pattern resembling the well-known “Bull Pennant.” This pattern typically occurs after a period of price increase, where a triangular formation resembling a flag with contraction in trading between support and resistance levels is formed. In this case, the price of Bitcoin rises to form a higher peak, followed by the formation of the flag pattern. According to this pattern, we can expect Bitcoin to continue its upward trend towards the specified targets, including $73,000, $80,000, $85,000, and $90,000. These targets are seen as positive trading signals, indicating investors' anticipation of continued upward momentum for the digital currency. Among the factors that could support this increase is the Bitcoin fork event that occurred in April. This event typically serves as a positive market catalyst, as investors tend to buy in anticipation of additional gains. halving - bitcoin - crypto - bitcoin split - halving - bitcoin - bitcoin