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Bitcoin Price: Break Out of Triangle Could Signal New Highs are Coming - Analyst

Cryptocurrency Mar 28, 2022 09:29AM ET
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© Reuters Bitcoin (BTC) Price: Break Out of Triangle Could Signal New Highs are Coming - Analyst
 
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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

Bitcoin Price: Break Out of Triangle Could Signal New Highs are Coming - Analyst
 

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