On 22 June 2023, I wrote my first Bitcoin prediction article to Trading Tips.
At that time, the price broke above and out of a Falling Wedge (shaded pattern).
I said it was the start of the next bull market in Bitcoin.
And what a rally it has been.
In fact, the price has risen to over $35,000 and is close to my target of $36,289.
Now Bitcoin has surged over 14% in the last week. And it’s made its highest price point since May 2022.
But I believe the rally has only just begun!
In this article I’m going to explain why I expect the rally to continue to $46,200 and how we can profit from the rise.
Let’s get into it.
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1. America’s SEC is helping to fuel the rally
The Bitcoin rally you’ve recently seen, is thanks to the SEC (Securities and Exchange Commission).
There’s hype they’ll soon approve the first spot Bitcoin ETF (Exchange Traded Fund). This has boosted the cryptocurrency market. Because if this goes ahead, it legitimizes Bitcoin as a recognised asset class by traditional financial institutions.
It will also make Bitcoin more accessible for the retail investor and financial institutions.
2. Bitcoins Dominance Rate is killing it!
In the crypto-currency market, there is something called a BTC Dominance rate. This measures the share of one crypto relative to the overall crypto market. And with a ratio of over 54.4%, Bitcoin dominates this market. This has also contributed to why more traders have flocked to Bitcoin.
3. And the charts predict another 34% rally for Bitcoin!
On 22 June 2023, I wrote my first Bitcoin prediction article to Trading Tips.
At that time, the price broke above and out of a Falling Wedge (shaded pattern).
I said it was the start of the next bull market in Bitcoin.
And what a rally it has been.
In fact, the price has risen to over $35,000 and is close to my target of $36,289.
Now Bitcoin has surged over 14% in the last week. And it’s made its highest price point since May 2022.
But I believe the rally has only just begun!
In this article I’m going to explain why I expect the rally to continue to $46,200 and how we can profit from the rise.
Let’s get into it.
***
Want to profit from Gold, forex and international indices, then you need Pickpocket Trader.
***
1. America’s SEC is helping to fuel the rally
The Bitcoin rally you’ve recently seen, is thanks to the SEC (Securities and Exchange Commission).
There’s hype they’ll soon approve the first spot Bitcoin ETF (Exchange Traded Fund). This has boosted the cryptocurrency market. Because if this goes ahead, it legitimizes Bitcoin as a recognised asset class by traditional financial institutions.
It will also make Bitcoin more accessible for the retail investor and financial institutions.
2. Bitcoins Dominance Rate is killing it!
In the crypto-currency market, there is something called a BTC Dominance rate. This measures the share of one crypto relative to the overall crypto market. And with a ratio of over 54.4%, Bitcoin dominates this market. This has also contributed to why more traders have flocked to Bitcoin.
3. And the charts predict another 34% rally for Bitcoin!
In the daily chart above, we can see Bitcoin has had a very sluggish year.
From May 2023 up until October, it moved in a sideways range between a high of $31,520 and a low of $24,837.
During that time, the price moved in a breakout pattern known as a Double Bottom or a W Formation.
Three parts make this bullish (up) pattern including a:
Large left rounding bottom (First part of the W),
Large right rounding Bottom (Second part of the W) and a
Neckline (horizontal Resistance).
Then on the 23rd of October, the price broke above the W Formation.
This told me buyers were in control, which drove the price up.
This demand shows that now that the neck line has broken, we can expect the price to continue to its new target.
As I mentioned earlier, my first target is at $36,289. And now with my latest analyses, I expect Bitcoin to rally to $46,200.
Here’s how I’ll profit from the next 34% Bitcoin rally
I will be adding to my position and will be buying more (going long) Bitcoin CFDs. Make sure you get my next Red Hot Storm Trade.
I’ll then hold my position until it hits my second target.
PS. If you’re interested in learning more about Bitcoin, blockchain technology and why your portfolio should be invested in this big trend and where to invest, then go here.
