Bitcoin (BTC) could rise 20% to around $35,000 to $36,000, cryptocurrency service provider Matrixport said in a research report on Thursday.
Bitcoin is trading in a narrow wedge that is about to break upwards, and technically we could predict a higher move by the same amount as when the wedge started to form, about a 20% range. added. .
Matrixport says the Federal Reserve hiked rates by another 25 basis points yesterday, likely the last rate hike of the cycle. This could set the market up for another strong rally.
Share buybacks have resumed after the recent earnings season ended, which “will continue to be a general tailwind for equities and risk assets,” writes head of research Markus Thielen.
Bitcoin trading volumes may have declined recently, but “the higher avenue sees only limited resistance,” the note said.
“Transactions on the Bitcoin network have reached all-time highs as the number of active addresses on the Bitcoin network remains steady at nearly 1 million addresses,” the memo added.
The report added that cryptocurrency sentiment has improved significantly with memecoin actively trading.
