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Bitcoin May Rise to $44,000, According to This Pattern: Bloomberg

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Mon, 07/26/2021 - 08:55
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Yuri Molchan
Bloomberg analytics explain why Bitcoin has the potential to reach the $44,000 level soon
Bitcoin May Rise to $44,000, According to This Pattern: Bloomberg
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According to a chart shared by Bloomberg, bulls have become more active now after the flagship digital currency, Bitcoin, demonstrated a quick recovery from the $29,000 zone above $30,000 last week.

Now, they have managed to propel the Bitcoin price above the $36,500 zone. Later on, Bitcoin hit $39,850 on Bitstamp, a high not seen for one and a half months.

Related
3 Reasons Why Bitcoin Suddenly Soared to Nearly $40K

This Bitcoin move up to this major high has confirmed a classic double-bottom pattern, according to the Bloomberg analytics team, which may lead BTC up to the $44,000 level.

The resistance may be waiting at the $41,000-$42,000 area, as per a statement made by the analysts.

BTCbloomberg
Image via Bloomberg

Bitcoin was pushed nearly to the $40,000 level by the previously announced news, shared by an Amazon insider, that the e-commerce behemoth is preparing to start accepting payments in Bitcoin. Once this is successful, the company will likely add Ethereum, Cardano's ADA and Bitcoin Cash.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.