Bitcoin (BTC) could currently be forming another wedge before a new leg up. According to Raoul Pal, the Founder and CEO of Global Macro Investor considers that Bitcoin could have formed another wedge. In a recent tweet, he shared how BTC is now in a descending wedge that could break upwards in the coming weeks.
Could Bitcoin Break Upwards?
Raoul Pal considers that that Bitcoin could start moving higher in the coming weeks of March. As he mentioned on Twitter, another move higher for Bitcoin fits with the seasonals for the first two to three weeks of this month.
At the same time, we have seen another descending wedge formed on Bitcoin between December and January this year. This falling wedge ended up with a move below $30,000 to almost $60,000. Thus, it might be possible for the market to see a new situation similar to the one we have seen in recent months.
BTC – Feels like yet another wedge… pic.twitter.com/8fx91CqM92
— Raoul Pal (@RaoulGMI) March 5, 2021
It is worth taking into consideration that Raoul Pal is not the only investor that sees a move higher for Bitcoin in the coming weeks. Another anonymous trader on Twitter, shared a chart with some BTC fractals.
He considers that the fractal is playing out very well and that it shows Bitcoin could move even higher in the next weeks.
“Ok, this bull run fractal is becoming more insanely accurate by the day. I’m literally making bank of trading it, it’s like a cheat sheet. $77,000 next move up.”
Bitcoin has experienced a massive bull run in the last months and since the pandemic affected the entire crypto market. Nowadays, the largest virtual currency is being traded around $47,500 and it has a market valuation of $880 billion.
Other digital assets have also been affected in recent days by a sell-off. We see Ethereum (ETH) falling by 4.6% in the last hours followed by Binance Coin (BNB) with a 7% drop or Polkadot (DOT) registering losses of almost 10%.
Instead, Uniswap (UNI) is moving higher with a 23% increase in the last seven days. In this way, this DeFi coin has entered the top 8 surpassing Bitcoin Cash (BCH), Chainlink (LINK) and Litecoin (LTC), digital assets that have been in the market for several years.
It is just a matter of time to understand what Bitcoin will do in the coming days.