After trading below $39,000 in the previous sessions, bitcoin prices have surged beyond $43,000 today. The world’s most popular and valuable cryptocurrency climbed by more than 14 percent to $43,120.
Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization has risen above $2 trillion in the last 24 hours, up more than 10 percent.
Bitcoin Price To Start Fresh Rally!
Bitcoin has broken out of a declining channel, according to crypto analyst Justin Bennett, and is set to rebound. According to the analyst, BTC is forming a bullish confirmation pattern at the conclusion of the month, taking out the previous day’s highs.
Bennett also points out that Bitcoin just saw its biggest volume in seven months, exactly around the time it reversed from $34,000, indicating a significant shift in trend.
He claims that on BTC\USDT, the last BTC 34k low was the largest volume green day since late July 2021.
BTC needs to close over $39,600 on a daily basis, in order to start the next trend. Bitcoin hasn’t closed above $39,600 yet. That is the key to a higher price, he said.
CPI on the 10th and FOMC on the 16th, as well as any developments around Russia-Ukraine, are all noteworthy events in March, he adds.
March will be a positive month for the biggest crypto by market cap, according to Bennett. He claimed last week that a BTC rise to $50,000 in March is entirely possible.
He also stated that BTC has two lows [$34,700 in mid-January and $34,700 this week]. For the market, this might be the start of a double bottom.
Step one is to get confirmation for this, which is not only above $39,600. The second step is to close above $46,000. That’s the high from back here [about February 11th], thus this is the double bottom pattern’s neckline.