Bitcoin price trades higher with a bullish bias for the past few sessions. Investors are anxious about the future prospects of the flagship cryptocurrency.
Crypto trader Ali’s recent tweet gave Bitcoin buyers a reason to be happy.
Notably, the crypto trader analyzed a “bullish megaphone pattern” in Bitcoin trade:
On the daily chart, the Bitcoin price trades near a ten-month high above $30,000. Bullish megaphone technical pattern is formed with minimums of higher highs and two lower lows. The pattern is generally formed during highly volatile market sessions. With the recent price pattern, the upside price target is projected toward $34,000.
After falling to the low of $19,569 on March 10, the Bitcoin price continued to ride higher with the oversold momentum oscillator, the Relative Strength Index (RSI). Further, the bulls made strong moves, and breached the 50-day Exponential Moving Average (EMA) with strong buying momentum.
Significantly, Bitcoin has been trading in a short-term consolidation from March 18 to April 9 before the breakout in the previous trading session. A strong green candlestick indicates the fresh buying participation from investors.
Interestingly, Bitcoin price jumped above $30,000 on Tuesday for the first time since June 2022. However, the Bitcoin price still holds below the all-time-high of $68,000 in November 2021.
As of writing, BTC/USD is trading at $30,100, up 1.46% for the day. According to Coinmarket cap, the trading volume of the largest cryptocurrency by market cap rose to $24,284,563,451 with 92% gain in the last 24-hour period. Generally, a rise in price along with rising volume is a bullish sign.
