Trader expects Bitcoin price to reach $26,000

The trader Ilya Meshcheryakov explains the current market situation.

The day has been exceptionally strong for the cryptocurrency market — Bitcoin rose by more than $3,000 and established a new all-time high above $23,700, thereby reaching the previously indicated target much faster than I expected.

Bitcoin, after hitting its all-time high, is currently entering a small correction and trading around $23,000.

Looking ahead is not easy, since Bitcoin has not traded at such highs before, and the zones of interest for buyers and sellers have not yet formed. Nevertheless, ‘digital gold’ has previously breached the ‘ascending triangle’ pattern, and we can rely on the statistics we have at hand.

The Bitcoin-price-based ascending triangle formed, and its target, indicated by the horizontal ray. Hourly chart BTC/USDT from TradingView.

Comparative analysis of how the ‘ascending triangle’ patterns play out on BTC, with numbering. Hourly chart BTC/USDT from TradingView.

Looking at longer-term prospects, it is worth noting both the influx of substantial capital into the crypto market and the high organic growth of Bitcoin — there are no significant signs of a reversal in the current uptrend. Any sizable declines are quickly bought up, and the character of such downward moves is speculative.

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