Bitcoin May Reach $40K if This Pattern Emerges: Crypto Analyst

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.

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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.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.