Bitcoin forms ‘super bullish’ pattern; End of crypto winter? 

Bitcoin’s (BTC) price has been hovering around the $28,500 mark since the beginning of May as investors showed caution ahead of the Federal Open Market Committee (FOMC) policy meeting on Wednesday, May 3.

With that being said, the crypto bear market may be coming to an end as Bitcoin forms a “super BULLISH pattern,” according to a popular Twitter chart pattern analyst Trader Tardigrade.

In his tweet on May 3, Trader Tardigrade shared a Bitcoin price chart showing that the cryptocurrency has formed a rising wedge pattern at the end of its recent downtrend. The rising wedge is a pattern used to identify potential trend reversals.

After forming the pattern, Bitcoin broke above the upper trendline and the horizontal resistance level, Trader Tardigrade noted.

Additionally, a price forecast by PricePredictions’ machine learning algorithm suggests that BTC could drop slightly further by the end of May and end the month down at $28,265. The prediction implies a 1.24% slip from the current price levels.

Finally, Bitcoin reached a new record of 682,280 daily transactions on May 1, marking a significant increase of 255% from its previous all-time high of 192,000 it achieved on December 14, 2017.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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