The market appears to be acting fairly erratic of late, with a few bullish breakouts from some altcoins, pumping seemingly out of nowhere. Meanwhile, Bitcoin has been moving decidedly sideways, however, the fact that it has managed to stay above $4000 is a minor miracle, so where is Bitcoin going next?
One particularly bullish report from a prominent trader and analyst known as GalaxyBTC points to a promising potential for the #1, hinting to an imminent surge of 35% to $5500.
The analyst points to a study from Thomas Bulkowski, a successful investor, and technical analysis expert with thirty years of experience in the stock market.
Bulkowski’s theory on ascending triangle denotes that 60% of the time these pattern formations are indicative of a move upward.
According to GalaxyBTC, this pattern is currently occurring within BTC:
According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards
with an average price rise of 35%
— Galaxy (@galaxyBTC) March 23, 2019
In response to this bullish forecast, many fellow traders and analysts gave their two cents.
One user noted that this theory was only true for ascending triangles in an uptrend, something that BTC hasn’t seen in for quite some time:
Yeah but that’s for ascending triangles in an uptrend. This is not an uptrend. A reversal hopefully. Doesn’t indicate a continuation yet.
— Just a Name 📈 (@Nmatt007) March 23, 2019
Another analyst known as Anton Pagi noted that this could indicate a bottom for BTC:
It’s an A&E bottom with a handle pic.twitter.com/c17Cj4LYl8
— Anton Pagi (@AntonPagi) March 23, 2019
Interestingly Galaxy and Pagi aren’t alone in their theory, a few other analysts have been increasingly bullish on BTC, pointing BTC in an upward trajectory.
One user following this sentiment, suggests that the long-short ratio for BTC points to a 12-month trend; adding that if this continues we could see BTC rise by 25-50%.
$BTC long short ratio analysis Ive been looking at today.
There is a well established 12 month trend going on.
If this formula holds it implies that Bitcoin will rally 25-50%.
See chart for details.
This tweet will self destruct in 7 days. 😈 pic.twitter.com/O3nruTSqLt
— fil₿fil₿ (@filbfilb) March 18, 2019
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