Bitcoin Price In Falling Wedge, Promising 70% Chance Of Bullish Reversal, Crypto Trader Says

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  • A crypto trader points out at a Falling Wedge pattern on a chart, saying that the Bitcoin price has a 70 percent chance of a bullish breakout

Bitcoin Price In Falling Wedge, Promising 70% Chance Of Bullish Reversal, Crypto Trader Says

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Crypto trader @themooncarl with over 70,000 followers on his YouTube channel has broken some positive news for Bitcoin investors and traders.

A wedge pattern assumes an upcoming reversal

Judging by the chart he posted, BTC is the Falling Wedge pattern and chances are quite high that it will break out upwards soon. The trader warns his audience to wait for the actual turn of events to trade safely.

One follower of @themooncarl assumed that Bitcoin price may keep falling until it reaches $8,200.

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Will Bitcoin drop to $8,200 instead?

The Dutch trader @CryptoMichNL, who often posts charts related to Bitcoin and altcoins, has offered a similar forecast.

He says that the likely scenario is that Bitcoin price would please the market by rising to $8,800 to confirm a slight reversal of the trend. However, he also mentioned another option, as the aforementioned commentator did – Bitcoin may fall down to $8,200.

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Bitcoin is to outperform banks after the halving

@themooncarl brings up the upcoming Bitcoin halving which is to take place in May 2020. The inflation of BTC, he says, will be cut down in such a way that it will outperform the 2% target that global central banks have set themselves to reach.

Many in the crypto community believe that since miners’ rewards will be cut in two after that (which basically means that twice as fewer Bitcoins will be minted with each new generated block), the Bitcoin price is bound to surge.

However, some reckon that the upcoming halvening is not priced in. One of those is the co-founder of the Morgan Creek Digital fund Anthony Pompliano who is also bullish on Bitcoin.

However, he believes that the price will surge due to more and more institutional investors entering Bitcoin and using it as a store of value.

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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