Data from crypto financial services platform Matrixport show that the narrow wedge that has been forming over the past three weeks is starting to turn upwards. A trend like this could predict an uptrend as much as the range where the triangle started to form.
A breakout could push Bitcoin price up 6,100 points, setting a target of $35,000 to $36,000. Such an uptrend represents almost a 20% gain from current prices .
- Matrix port survey highlight The Fed hiked rates by another 25bps, which is believed to be the last hike of the cycle. This could set the crypto market for another strong rally.
- At the same time, the banking sector has suffered many failures, requiring liquidity injections and government guarantees from the acquirer side. Many experts believe Bitcoin could thrive amid the ongoing banking crisis in the United States.
- What’s more, the recent earnings season for domestic companies appears to have resumed share buybacks. In fact, buybacks are expected to hit his $1 trillion mark this year. This trend could prove beneficial not only for equities, but also for risk assets such as cryptocurrencies.
- Bitcoin trading volume is down despite regaining $29,000. But the report also says that “resistance to the higher roads is limited.”
- Another key factor that suggests an uptrend is transactions on the Bitcoin network reaching all-time highs. The number of active addresses on the network has also stabilized at nearly 1 million addresses.
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