The Bitcoin price went over $30,000 over the weekend to reach its highest point since mid-July. As part of this recent rally, crypto trader Carl From The Moon has shared his Bitcoin analysis, predicting the cryptocurrency is poised for a massive 37% rally that could send the price up to $41,000.
Analyst Carl From The Moon Predicts Bitcoin Price Rally
Bitcoin has been subject to many price predictions in recent months, particularly as the industry awaits the approval of applications for a spot Bitcoin ETF. Subsequently, Carl Runefelt, also known as Carl From The Moon, based his long-term analysis on a bullish run if these applications were approved.
In a new YouTube video, Carl points out that Bitcoin’s price action has just completed a diamond pattern, and a big breakout move to the upside is imminent in the next 30 days.
TRADE ALERT: #Bitcoin diamond pattern.
Target: $41,000 within 30 days.
More info here: https://t.co/4uX3lL9Sf8 pic.twitter.com/2ABJo5fYiu
— Carl From The Moon (@TheMoonCarl) October 22, 2023
Carl sees a few factors indicating Bitcoin is ready to soar. First, the crypto formed an upside movement at the beginning of the year. Subsequently, a diamond pattern began to form around April on the weekly timescale. Now, Bitcoin is in a prime position to clear the $31,000 resistance level, which would surge the cryptocurrency 37% from its current price of around $30,000 up to $41,000.
“What we can see now is a massive, massive diamond pattern on the weekly timeframe. And if Bitcoin breaks up like this, then we could see Bitcoin go all the way up to $41,000, which would be absolutely insane, right?” Carl said.
For now, Carl remains extremely bullish. Aside from his prediction, Carl also reflected on the current general sentiment of most Bitcoin traders for the near future. He does this by showing his leveraged long positions on different crypto exchanges while planning to add more when a spot Bitcoin ETF is approved.
“Any day now, the ETF will come out, and then we will wish that we had these long positions open,” the crypto analyst said.
Carl isn’t the only analyst predicting high Bitcoin prices based on the approval of Bitcoin ETFs. Several other experts also think Bitcoin will spike in the coming months, with some giving higher price targets than others.
For example, crypto analyst Mags on social media platform X predicted a $70,000 price tag is foreseeable. A more optimistic prediction came from Ark Invest CEO Cathie Woods, who predicted $1.48 million for each Bitcoin based on increasing mainstream adoption.
At the time of writing, Bitcoin is trading at $30,522, up by 9.86% in a 7-day timeframe. Most signs point to higher prices ahead, and many retail investors and heavyweights alike look to position themselves. Crypto whale transaction tracker Whale Alerts also recently revealed a massive 1,087 BTC withdrawal from crypto exchange Binance.US to a private wallet, suggesting there’s accumulation taking place.
— Whale Alert (@whale_alert) October 23, 2023BTC finds support at $30,500 | Source: BTCUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com