Expert market analyst Aksel Kibar believes that Bitcoin (BTC) may be about to experience a huge price increase as it continues to hover around the $30,640 level.
Before reaching its price goal of $34,000, Bitcoin must overcome the near-term barrier of $31,000, according to Kibar.
His analysis is based on a head and shoulders (H&S) pattern, which shows that the market is strongly bullish after breaking out of the channel.
Following a period of investor confidence brought on by a number of exchange-traded fund (ETF) registrations, there is now expectation of this bull run.
Due in large part to the hoopla around this ETF, Bitcoin’s price recently rocketed to a one-year high of $31,431. The 2x Bitcoin ETF from Volatility Shares, which is scheduled to start on Tuesday, was effective as of today, which is further encouraging news for Bitcoin lovers.
The return of the industry’s leading cryptocurrency is seen to signal a change in the SEC’s past resistance to it. Following the successful launch of BITO and the introduction of BITX, the regulatory position has changed, raising hopes for a more accommodative regulatory environment. However, the whole crypto market is displaying conflicting findings.
The price of Ethereum (ETH) is now stable at $1,917, representing a little weekly gain of 1.3%. During the same time period, Binance Coin (BNB) had a modest dip, falling 2.4%. XRP is now showing a 0.2% marginal rise. Cardano (ADA) and Dogecoin (DOGE), two other cryptocurrencies, are exhibiting downward tendencies.
