Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER
Bitcoin Price: Break Out of Triangle Could Signal New Highs are Coming - Analyst
© Reuters Bitcoin (BTC) Price: Break Out of Triangle Could Signal New Highs are Coming - Analyst
Bitcoin price surged to a fresh 3-month high today after hitting $47,765. The BTC price is now trading very close to the 2021 high of $47,989, set on January 02.
The worlds largest cryptocurrency is up roughly 27% in the past two weeks after recording six consecutive green daily candles.
For Bloomberg strategist Mark Cranfield, the ongoing push higher may signal Bitcoin is ready to hit fresh all-time highs.
"Bitcoin futures burst out above the triangle pattern flagged last week and a simple projection suggests there could be new highs for the contract in the weeks ahead. The depth of the triangle measures ~$19,000, which for some momentum traders will equate to an advance toward last November's peak or even higher. Moreover, there has been a jump in turnover and open interest which coincided with last weeks breakout. That suggests punters are moving off the sidelines and joining the bullish view. This is a stealth rally which may have some way to run," Cranfield wrote.
Other major cryptocurrencies including Ethereum, also rose, with the second-largest cryptocurrency surging to $3,358 today, its highest point since early February.
Altcoins including Solana, Cardano, and Avalanche also climbed, as well as meme coins Dogecoin and Shiba.
By Senad Karaahmetovic
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.