The price of bitcoin went from $30,000 over the weekend to reach its highest point since mid-July. As part of this recent rally, cryptocurrency trader Carl From The Moon has shared his analysis of bitcoin, predicting that the cryptocurrency is poised for a massive 37% rally that could push the price as high as $41,000.
Analyst Carl From The Moon Predicts bitcoin Price Rally
bitcoin has been subject to many price predictions in recent months, particularly as the industry awaits approval of applications for a bitcoin Spot ETF. Later, Carl Runefelt, also known as Carl From The Moon, based his long-term analysis on an upward trend if these applications were approved.
In a new YouTube video, Carl points out that bitcoin price action just completed a diamond pattern and that a big bullish move is imminent in the next 30 days.
COMMERCIAL ALERT: bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin diamond pattern.
Goal: $41,000 in 30 days.
More information here: https://t.co/4uX3lL9Sf8 pic.twitter.com/2ABJo5fYiu
– Carl of the Moon (@TheMoonCarl) October 22, 2023
Carl sees some factors that indicate bitcoin is ready to skyrocket. First, the cryptocurrency formed a bullish movement at the beginning of the year. Subsequently, around April a diamond pattern began to form on the weekly time scale. Now, bitcoin is in prime position to break through the $31,000 resistance level, which would boost the cryptocurrency by 37% from its current price of around $30,000 to $41,000.
“What we can see now is a huge, huge diamond pattern on the weekly period. And if bitcoin breaks out like this, then we could see bitcoin rise as high as $41,000, which would be absolutely crazy, right? Carl said.
For now, Carl remains extremely optimistic. Aside from his prediction, Carl also reflected on the current general sentiment of most bitcoin traders in the near future. It does so by showcasing its leveraged long positions on different crypto exchanges while planning to add more when a spot bitcoin ETF is approved.
“Any day, the ETF will come out and then we’ll want to have these long positions open,” the crypto analyst said.
Carl is not the only analyst predicting high bitcoin prices based on the approval of bitcoin ETFs. Several Other experts also think bitcoin will rise in the coming months, with some donations higher price targets What others.
For example, cryptoanalyst Mags on the social media platform predicted a price of $70,000 It is predictable. A more optimistic prediction came from Ark Invest CEO Cathie Woods, who predicted 1.48 million dollars for each bitcoin based on increasing widespread adoption.
At the time of writing, bitcoin is trading at $30,522, up 9.86% over a 7-day period. Most signs point to higher prices aheadand many retail investors and heavyweights are looking bitcoin-surpass-70000-in-the-next-6-months/” rel=”nofollow”>position. Cryptocurrency transaction tracker Whale Alerts also recently revealed a massive withdrawal of 1,087 btc from cryptocurrency exchange Binance.US to a private wallet, suggesting a buildup is occurring.
1,087 btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc ($32,531,932) transferred from #BinanceUS to unknown wallethttps://t.co/NsHxbV0TGS
– Whale Alert (@whale_alert) October 23, 2023
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/CRSTC4bd/" alt="Tradingview.com bitcoin Price Chart” width=”2670″ height=”1758″ loading=”lazy”/>
btc finds support at $30,500 | Source: BTCUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
