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Data from the crypto financial service platform Matrixport indicates that the narrowing wedge formation observed over the last three weeks is poised to break upward. This trend could suggest a price increase equivalent to the range where the triangle began to develop.
A breakout may result in a 6,100-point rise in Bitcoin’s price, establishing a target between $35,000 and $36,000. Such an upward movement would signify nearly 20% gains from the current valuation.
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- Matrixport’s analysis pointed out that the Federal Reserve is expected to raise interest rates by an additional 25 basis points, which is anticipated to be the final increase for this cycle. This could potentially pave the way for another significant rally in the crypto market.
- At the same time, the banking sector has experienced several failures that necessitate liquidity support and government assurances for any acquiring entities. Many analysts believe Bitcoin could thrive amid the ongoing banking turmoil in the United States.
- Furthermore, during the recent earnings season for domestic companies, stock buybacks seem to be resuming. In fact, buybacks are projected to reach $1 trillion this year. This trend could be advantageous not only for stocks but also for risk assets like cryptocurrencies.
- Although Bitcoin has reclaimed the $29,000 mark, its trading volume has been decreasing. Nevertheless, the report also mentioned that “the path higher sees only limited resistance.”
- Another significant indicator suggesting an upward trend is the Bitcoin network transactions, which have hit a record high. The number of active addresses on the network has also remained robust, close to 1 million addresses.
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