The bitcoin (BTC) price rose further last weekend, completely erasing the sharp decline at the beginning of last week. According to a renowned crypto analyst, Bitcoin has been moving in a hopeful ‘bullish wolfe wave’ trading pattern for weeks, and the rise in recent days is just the beginning of a larger price movement.
Bitcoin on its way to $70,000 again?
The bitcoin price has been in a downward trend since mid-March. An all-time high of $73,800 was set on March 14 and things have only gone downhill since then. Bitcoin has been setting lower highs and lower lows, to the detriment of overall market sentiment.
Crypto analyst Beetcoin said on social media platform He informed his 57,000 followers that the price may be in for an explosive rise, completing his “favorite” trading pattern. He anticipates a rise past $70,000, and possibly a new price record. It would mean the end of the downward trend.
BTC has already skyrocketed by more than 15 percent since Wednesday. This morning a peak of around $65,500 was reached, but the price has now dropped slightly to just above $64,000.
Sentiment on the crypto market has rebounded considerably since Friday. On that day, the important resistance at $60,000 was broken again, and the bitcoin spot Exchange-Traded Funds (ETFs) saw capital inflows for the first time since April 23. With a net inflow of $378.3 million, it was even the best trading day since March 26.
What initially seemed to be a bloody week finally ended with a profit yesterday, which is an encouraging sign. Whether Bitcoin will actually imitate the pattern outlined by Beetcoin remains to be seen.
At the time of writing, the BTC price on crypto exchange Bybit powered by SATOS is equal to $64,275. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to 59,751. Compared to 24 hours ago, BTC is up 2.57%.
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