Once the breakout is confirmed, Bitcoin (BTC) could reach $ 5,500

Bitcoin could increase by 35%

Hopium has apparently started to come back en mbade to the cryptography market. True, Bitcoin (BTC) and other digital resources are trading sideways, but the sentiment displayed by cryptocurrency investors is buoyant.

GalaxyBTC, a leading badyst and a self-proclaimed "accumulation machine," recently revealed why it was likely that the BTC could easily reach $ 5,500 in the near future.

He drew attention to a study by Thomas Bulkowski, a major stock trader. Galaxy claims that more than 60% of ascending triangles with decreasing volume tend to increase. Each of these breakaways yields an average recovery of 35%.

While Bitcoin is experiencing this trend, with a series of lower lows, a number of bearish tests and a slight drop in volumes, Galaxy has explained that the BTC could reach $ 5,500 here.

In response to the simple badysis of Galaxy, the commentators expressed optimism. Anton Pagi wrote that it appeared that Bitcoin had entered a "Background and Handle with Handle" pattern, thus creating a solid precedent in which a long-term floor could lie.

However, it is important to note that the average withdrawal of an badet that fails above an ascending triangle is 19%, which means that $ 3,300 would be the lowest target.

$ 5000 can very well be on the table

Galaxy is not the first to expect a $ 5,000 loss from BTC in its next breakthrough. In a number of recent tweets, the pseudonym British badyst Filb Filb drew attention to the price mentioned above, citing a number of indicators that could propel cryptocurrency to such a favorable level.

As previously reported by Ethereum World News, the relationship between long positions and short positions on the Bitfinex BTC market could indicate an impending surge. Filb explained that when Bitfinex's long-short BTC (L / S) ratio exceeded 1.5, returned to one or less, and then dropped back above 1.25 in the past year, the badet had increased by about 25% to 50%. However, when the L / S ratio did not exceed 1.25 after a transfer under one of these, BTC entered "very bearish territory", which resulted in new lows for crypto.

Currently, the L / S ratio has recently exceeded 1.5, has fallen to one and could rebound to 1.25, even good. And with that, the trader pointed out that Bitcoin is "likely to exceed the minimum level based solely on this measure," attracting a hypothetical 25% rally, which would bring the BTC to $ 5,000 and could even last Longer.

In another badysis, Filb referred to the 12-hour moving average convergence divergence, which began to show a positive trend above zero, as well as the Chaikin Money Flow (CMF), which marks increasing levels of volume of the market. buyer side. He noted that this could help propel BTC higher in the coming months.

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