• Bitcoin has seen a 40% increase in its price, setting a record since 2013.
• A popular analyst, Petter Brandt, has predicted that the price of Bitcoin will increase to $25,500 in the next 48 hours.
• He believes that the star crypto has formed a ‚double-walled‘ fulcrum pattern, which is largely considered as a bullish sign.
The cryptocurrency market has been on a rollercoaster ride in the recent past and Bitcoin has been leading the way. In the first month of 2023, Bitcoin has seen a remarkable jump in its price, recording an increase of 40% for the first time since 2013, where-in it recorded a jump of 51%. This surge in the price of Bitcoin has been largely attributed to the increased interest from institutional investors and the recent decision of Tesla to invest $1.5 billion in the crypto king.
The star crypto is now forming an upside wick beyond the $23,400 monthly resistance and the hence upcoming close could be pivotal in determining the next move. This bullish momentum has been further strengthened by the predictions of a popular analyst and veteran commodity trader, Petter Brandt. He has predicted that the price of Bitcoin could rise to $25,500 in the next 48 hours, which is twice the current price.
According to his analysis, the star crypto has formed a ‚double-walled‘ fulcrum pattern, which is largely considered as a bullish sign. The Fulcrum pattern was developed by the analyst himself and it is a reversal pattern similar to the double top or double bottom patterns. It also indicates the potential for a major reversal whenever the chart is pushing the price upwards or downwards.
The crypto market is highly volatile and the price of Bitcoin can fluctuate drastically. Therefore, it is important to take all necessary precautions and do your own research before investing in any crypto asset. Nevertheless, the bullish momentum of the crypto market, coupled with the predictions of Petter Brandt, makes it an interesting time to be a part of the crypto space. It will be interesting to see if the price of Bitcoin will reach the predicted $25,500 mark in the next 48 hours. Only time will tell.