According to prominent trader Josh Olszewicz, the price of Bitcoin (BTC) could potentially reach $48,000 if it breaks the $44,000 mark.
These predictions are based on current technical patterns observed on the cryptocurrency’s price chart. The top digital currency is currently trading at $43,485.48, up 1.3% at the time of writing this report.
Chart patterns indicate bullish potential
Olszewicz’s analysis points to recurring “A&Es,” referring to Adam and Eve patterns. These are double bottom patterns that indicate a trend reversal.
He also points to the possibility of forming an inverse head and shoulders pattern, another bullish indicator.
These technical formations, observed near a critical resistance level, suggest that surpassing the $44,000 level could lead to a significant upward movement in price.
The current chart shows that Bitcoin has tested this resistance level several times, indicating a strong possibility of a breakthrough.
Bullish market sentiment
Analysts, including Jake Wujastyk, have identified a symmetrical triangle pattern. Chinwa.tech mentioned this.
For this reason, a significant move is expected soon.
The community, of course, is focused on the anticipation of Bitcoin ETF approval in 2024, which many believe could inject new vitality into the market and potentially push prices higher.
The presence of bullish chart patterns and the potential for tradable investment funds have paved the way for what could be a remarkable year for the world’s leading cryptocurrency. Market observers are closely monitoring price movements, with some industry heavyweights like Bitwise expecting an increase to $80,000.
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. Chinwa.tech assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.