bitcoins (BTC) the price has been hovering around the $28,500 mark since the start of May as investors exercised caution ahead of the Federal Open Market Committee (FOMC) policy meeting on Wednesday, May 3.
That being said, crypto bear market may be coming to an end as Bitcoin forms a ‘super bullish pattern’, according to popular Twitter chart template analyst Trader Tardigrade.
In his tweet may 3rd, Trader Tardigrade shared a Bitcoin price chart showing that the cryptocurrency 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 trend line and the horizontal resistance level, Trader Tardigrade noted.
The trading expert’s post also includes Bitcoin’s chart from 2015, when the cryptocurrency formed the same pattern, a move that was followed by a major breakout to the upside.
Investors eye Fed rate decision
BTC lost some of the gains it saw last month after exceeding the psychological mark of $30,000, fueled by investor hopes that the Federal Reserve may soon halt aggressive monetary policy tightening. It was the first time Bitcoin had hit this level since June 2022.
But the biggest crypto token has lost around 5% of its value since then, as markets brace for 25 additional basis points (bps) increase in interest rates on May 3. However, as suggested above, many believe this could be the Fed’s last rate hike for now, further bolstering BTC’s bullish outlook.
Bitcoin’s Recent Price Action
At the time of writing, Bitcoin stood at $28,620, up around 2% in the last 24 hours. On a weekly chart, the cryptocurrency saw a slight decline of 1.1%.
Plus, a price prediction by PricePredictions’ machine learning algorithm suggests that BTC could drop slightly further by the end of May and end the month at $28,265. The prediction implies a 1.24% slippage from current price levels.
Finally, Bitcoin hit a new high of 682,280 daily transactions on May 1, marking a significant increase of 255% from its previous all-time high of 192,000 reached on December 14, 2017.
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