Bitcoin Is Forming a Bullish Double-Bottom Pattern
According to Fidelity’s Jurrien Timmer, Bitcoin has showcased a bullish pattern that could mark the end of the downtrend of the world’s largest cryptocurrency token.
Bitcoin’s Double-Bottom Potential
The director of global macro at Fidelity Investments, Jurrien Timmer, posted on Twitter on March 1st, 2022, that he had spotted a double-bottom Bitcoin pattern.
This pattern can also be applied to Bitcoin-linked equities, which typically move in relation to the largest cryptocurrency token.
A double-bottom pattern is typically an indication of a bearish-to-bullish reversal, and paves the way for a future uptrend.
Positivity seems to be in the air as Bitcoin is now up 30% through the past week, managing to pull off an impressive comeback swiftly after plunging to as low as $34,391.
The Bitcoin (BTC) cryptocurrency token recorded its all time high on November 10th, 2021, when the token reached $69,044.77, and as of March 2nd, 2022, the token is trading at $44,126.07.
This means that the flagship cryptocurrency token is still down by $24,918.7, or 36% when compared to its record high.
Throughout the previous month, Timmer compared Bitcoin’s growth trajectory to that of the tech giant Apple. Additionally, in October, the Fidelity exec had forecasted that Bitcoin’s price could eventually climb to $100,000.
The rising usage of, and interest in Bitcoin could be due in part to the $4 million raised in bitcoin to support the Ukrainian Army, where the token has proven to be a viable alternative for mobilizing money in times of crisis.
On the Flipside
- From its lowest point of $34,391 to its current value of $44,126.07, Bitcoin has seen an increase in value of 28%, or $9,735.07. A promising signal for a bullish trend.
Why You Should Care
According to the report, Bitcoin is on track for even further growth and could climb much higher in value. As the market has traditionally followed the trends set by BTC, this could mean a prosperous period for the entire crypto market.