Bitcoin Price Demonstrates Bullish SFP, May Rise to $7,800 If It Holds: Crypto Analysts

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    While the Bitcoin price is floating in the $7,100 area, some analysts believe that it has chances of rising, possibly to the $7,800 mark

Bitcoin Price Demonstrates Bullish SFP, May Rise to $7,800 If It Holds: Crypto Analysts
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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At present, the Bitcoin price has not been making big drops or rises but so far dropped from the $7,300 area to $7,100. While many in the crypto community are looking forward to the upcoming Bitcoin halvening in May (the last but one miners’ reward cut before all 21 mln BTC gets minted), analysts are working with closer dates and say that the Bitcoin price might be about to rise – at least a little.

A bullish SFP

The crypto trader Scott Melker has spotted a bullish Swing Failure Pattern on the chart. He says it is slight and unconfirmed yet. However, it may open the opportunities for long trades on Bitcoin.

Prior to that he tweeted finding a bullish divergence on a daily chart, which has now turned into the bullish SFP.

If green holds, then off we go to $7,800?

The analyst @CryptoMichNL once again calls the Bitcoin market ‘boring and fragile’. Provided that green holds, he states, the Bitcoin price should break up and head for the $7,800 area as the chart shows.

However, the expert warns that a bearish move may also occur. A significant drop may take Bitcoin down to the $6,600 area, the tweet says.

BTC price
Image via TradingView

@CryptoMichNL is also expressing his view on the current visible lack of interest towards Bitcoin. He says that people around him showed interest when BTC traded at over $13,000 and wanted to buy it. However, now, seeing BTC at $7,100, people do not seem to be interested that much. Time to think contrary, the analyst tells his followers.

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A Falling Wedge pattern

Bitcoin investor Alistair Milne demonstrates a Falling Wedge pattern on a screenshot of a chart, offering the community to guess what it may mean for the Bitcoin price.

In the comment thread, just a few people have said that it is a bullish sign – the Falling Wedge or a Rising Wedge patter often lead to a reversal. A bullish one could be expected in this particular case.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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