After the historic collapse in the cryptocurrency markets and traditional markets on March 12, which became a “Black Thursday” to the markets, Bitcoin (BTC) has seen a good performance throughout the year. Some indicators point to a new peak in the leading crypto currency, and a new recovery may occur in the short term with the buy signal emerging in the daily time frame.
According to popular analysts, a possible new break in Bitcoin’s price is traded within a wedge model that could push the price even higher. Bitcoin, Federal Reserve Chairman Jerome Powell and Turkey, which hosts can show an increase after the meeting which will be held at 21:00 on the clock.
Last week, the price of BTC rose as high as $ 12,400, and then declined to $ 11,100 this week. This resulted in a loss of over $ 1,300 for the crypto bulls.
Indicators, all of which have worked on accuracy in the past, point to a new peak in the short term for Bitcoin, which has increased by 200% from March 2020 lows.
The leading cryptocurrency by market cap has bounced sharply from $ 3,800 and has been on a slow but steady rise since then. After consolidating in the under $ 10,000 territory for months, it surpassed what was considered the psychological boundary and quickly surpassed $ 12,000. However, it is too early to comment on whether the uptrend will continue or not.
Designed to predict the tops and bottoms of the markets, the TD Sequential Indicator signals a buy signal for BTC in daily time frames. This is considered to be an extremely accurate signal. Because the TD Sequential Indicator has accurately predicted the peaks and troughs for many cryptocurrencies in the past. Still, it is quite difficult to say that there is a 100% accuracy rate in the market we are in, just like every indicator.
As a result of the news about inflation, which will come from Fed Chairman Jerome Powell’s speech today, it could trigger the buying momentum that Bitcoin needs for a new summit. Therefore, all eyes are on the FED meeting that will take place at 21:00 and press conference will be held at 21.30.
Bitcoin (BTC) is trading at $ 11,340 as of writing.