A widely followed crypto analyst says that King Crypto Bitcoin (BTC) is currently showing a bullish pattern on price charts.
Cryptocurrency trader Ali Martinez says his 22,100 Twitter followers that BTC could target $34,000 if the bullish pattern proves prescient.
“Bitcoin – Nothing has changed!
If this bullish megaphone is the guiding pattern behind BTC price action, we could be targeting $34,000.”
Bitcoin is worth $28,337 at the time of writing, up 3.28% in the last 24 hours and over 10% in the last week. It is also up more than 70% since the beginning of 2023.
After rallying over the weekend, BTC briefly dipped below $27,000 on Wednesday after the US Federal Reserve announced it would raise interest rates by 25 basis points in a continued effort to lower the price. inflation. However, the top crypto asset recouped those losses on Thursday.
Martínez, citing data from cryptanalysis firm Santiment, also grades that approximately 310,000 Ethereum (ETH) were pulled from exchange wallets in a 48-hour period this week.
“310,000 ETH have been withdrawn from known cryptocurrency exchange wallets in the last 48 hours, worth $558 million, according to data from Santiment Feed.”
The crypto exchange outflow points to investor cold wallet buildup and has historically been interpreted by traders as a bullish indicator.
ETH is trading at $1,817 at the time of writing. The second-ranked crypto asset by market capitalization is up 4.21% in the last 24 hours and over 7% in the last seven days. Ethereum is also up more than 51% since the start of the year.
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