- Carl From the Moon mentioned the possibility of BTC hitting $40K if it forms a bullish megaphone.
- BTC hit $29K for the first time since June 2022, although it is trading at $28,632.95 at the moment.
- A bearish case is also possible for BTC as trading volumes are going down.
Carl Runefelt, more popularly known as “Carl From the Moon,” is speculating that one bitcoin (BTC) may reach $40,000 in the coming weeks if it forms the bullish megaphone pattern. He’s also claiming a bullish divergence has been sighted as well.Read CRYPTONEWSLAND on google news
Earlier today, BTC reached $29,000 for the first time this year. In fact, this price level was never touched since June 2022 when BTC was losing steam from the last rally. However, short-term traders grabbed the opportunity to encash their gains, as a huge selloff sent BTC back to $28,632.95 at the time of writing.
Conversely, bears may still have a chance at dragging BTC to their clutches once again.
BTC/USDT 1-day chart (source: TradingView)
As seen in the chart above, BTC trading volumes are going lower, which is usually a sign of decreasing market interest. Generally, a price breakout is confirmed by increasing trading volume; the opposite is also true.
Should BTC fail to retake $29,000 and gather support at $30,000, it may consolidate from $26,500 to $28,000 in the next couple of weeks. BTC’s fate until the end of the year will then be decided by this consolidation period.
Read Also :disclaimer read more
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.