Bitcoin has been experiencing a great bullish run since the start of the festive period. We reported on Saturday Boxing day ) how the digital asset recorded an all-time high of $28,387 as revealed by TradingView data.
BTC hasn’t stopped since its record-breaking achievement as it reached $27,000 on Tuesday. The cryptocurrency started the day at $27,039 but surprisingly experienced a low rate of $25,833 during Tuesday’s morning trade volatility.
The slight reduction in the trade level unsurprisingly led to traders’ decision to take advantage of the situation by accumulating BTC at cheaper rates. This increase in the cue accumulation by traders ultimately helped the BTC/USD exchange rate reclaimed its initial $27,000-support.
The exchange rate continued to improve steadily throughout the day as it reaches $27,336 before the close of the day’s business transactions. Judging by the data via the cryptocurrency Tradingview, BTC/USD exchange managed an impressive 1.21% increase at closing hour compared to its value prior to the short-lived slump in the early hours of the day. On Tuesday, Bitcoin’s trade pattern looked more like a small-bodied bullish candle, which is compared to a Hanging Man candlestick pattern by cryptocurrency analysts.
The latest Bitcoin pattern shows a limited downside trade
Hanging man is a term that shows the candle’s shape created by the BTC trade record on Tuesday. It reflects the slight difference between BTC’s opening and closing rates. BTC Tuesday’s trading pattern also shows the cryptocurrency’s short wick to the downside. At the same time, it portraits a very little upper shadow — which many experts believe is the accurate example of a hanging man pattern.
Reacting to how Bitcoin’s performance on Tuesday, an independent analyst, Cheds, discussed how the digital asset managed to attain the Hanging Man pattern. According to Cheds through his verified Twitter handle, Bitcoin’s daily chart has been impressive of late, showing its resilience and prowess in the crypto world.
He further stressed that the hanging man trading pattern attained by the digital asset on Tuesday means BTC has at least 59% continuing its bullish run. He equally predicted that the digital asset might experience a higher price surge should it continue to achieve such a pattern every day.
Crypto market cap tipped to reach $1 trillion in the coming days
Apart from Cheds, many cryptocurrency experts — including Dan Tapeiro, the co-founder of DTAP Capital— are backing Bitcoin to continue its dominating run in the industry because BTC price could rise to $29,000-$30,000 range in the coming days. Experts expect the more intensified bull run from the leading digital asset, except Bitcoin decides to neutralize its technically overbought signals by breaking down the cost.
Meanwhile, Dan Tapeiro also said that the crypto space could reach a market valuation of about $1 trillion in the coming year because liquidity will be taken more seriously by investors. As it stands, Bitcoin currently boasts of close to $500 billion market value, thanks to its adoption of safe-haven and anti-inflation status. The highly-rated digital asset has some of the top investors in the industry. They include MicroStrategy, Square, Ruffer Investment, MassMutual, Paul Tudor Jones, Stan Druckenmiller, etc.