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Crypto analyst Carl from the Moon has spotted a key bitcoin pattern that could see the price drop to $25,000 or higher to $29,000.
“Carl from the Moon” sees a symmetrical triangle pattern on the Bitcoin chart, which he thinks may be about to break.
The symmetrical triangle is a consolidation chart pattern that occurs when price action is sideways. It is a neutral pattern as two trend lines converge at the intersection.
Breakouts or dips coincide with higher volume, and many traders wait and see for the market to decide which direction the price wants to go.
The crypto analyst puts the Bitcoin price target at $25,000 if the price continues to fall or $29,000 if the price turns up.
As the cryptocurrency market remained risk-averse on Friday, Bitcoin continued to trade in the red. Investors are watching for signs on the state of the US economy following hawkish comments from other central bank officials on Thursday, with a focus on Fed Chair Jerome Powell’s address.
After falling the next day, Bitcoin (BTC) remained flat at just under $27,000. Investors’ risk appetite was kept in check by the likelihood that the Fed could hike rates by another 25 basis points next month.
At the time of writing, Bitcoin was worth $26,930, down 1.22% from the previous day. In early May, markets were optimistic that the Fed would end its cycle of tightening liquidity next month and move to rate cuts later this year. However, recent signs could suggest otherwise.
However, on-chain analytics firm Santiment believes that a market bottom may be imminent as the market is showing one of the primary signs of fear.
Meanwhile, BTC holders continue to accumulate. Glassnode reports that Shrimp Entities’ Bitcoin supply, which is less than one BTC, continues to increase, expanding to an ATH of 1.31 million coins.
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