After a few days in consolidation, Bitcoin has again started expressing a bullish picture as it is currently trading above $16,000.
Elliot Wave Pattern
According to a renowned crypto analyst, the “textbook Elliot Wave pattern” is making that shows the price will claim $18,200 in the coming days. He is known for guessing true price rates in the past as he predicted market reversal for March 2020 which became true.
To achieve $18,200, the primary cryptocurrency will have to rally 13% as it is currently exchanging hands at $16,100. The same analyst speculated a level of $16k for the world’s leading digital asset in the past which is becoming true at the present.
The prediction is not a dream now as various fundamentals are supporting the bullish position of Bitcoin. Another crypto analyst noticed that Bitcoin is maintaining an uptrend for almost 200 days. Bullish BTC post for continued engagement you ask? Sure. “Approaching 200 days of continuous uptrending action on Renko. 4x longer than our last cycle to $14,000,” he added.
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Big Entries in Crypto Space
Crypto exchanges observed an inflow of institutional clients in the crypto space. Over the past few months, there happened various bullish incidents in the crypto industry as many FinTech giants joined the crypto road path. For example, payment giant PayPal recently announced to support crypto services for its user base which can bring crypto adoption at an alarming rate. Mastercard and Visa also revealed their potential plans for cryptocurrency.
Similarly, various financial institutions are increasing their exposure to digital assets by purchasing more and more digital assets, such as Bitcoin. MicroStrategy has purchased Bitcoin worth more than $400 million in anticipation of a bright crypto future. In a recent tweet, the digital assets management firm has hinted at purchasing more BTC. Square, which is led by Twitter CEO Jack Dorsey, also invested $50 million in the top digital asset. Prominent Wall Street personalities and billionaires turned to cryptocurrency and predicted bullish pictures for Bitcoin in the coming days.
