Raoul Pal: Bitcoin (BTC) Forms Massive Bullish Technical Pattern

There are all kinds of optimistic predictions about the price of Bitcoin these days and they are coming right following the disaster that took place in the crypto market. Check out the latest reports about new predictions about the price of the king coin.

It’s been just reported that there is a popular crypto investor thinks Bitcoin (BTC) is trading within a pattern indicating BTC bulls are about to take over the market.

Real Vision CEO Raoul Pal says in a new video that Bitcoin is forming a falling wedge pattern, a technical formation that signals future bullish momentum.

He said that BTC just hit the bottom of the wedge.

“And that normally would mean we would rise to the top – I’d like to see generally three touches of the wedge. We had three on the downside. We would touch it again on the upside, generally, pull back into the range, and then we go.”

He also explained the following:

“That was exactly the kind of pattern that we had in March 2020. We were at the top of the range, we shot straight back into the middle of the range – that was the bicycle.”

He also said this:

“So it doesn’t mean we’re going to go up in a straight line from here, but we probably go up significantly – maybe touch the top of that channel, so maybe we get to $35,000, come back down somewhere, whether it comes back to the low or somewhere in the middle, and that will be the final signal. That’s what I’m thinking.”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,786. Stay tuned for more news and make sure to keep an eye on the market.