Will Bitcoin Rise After the US Interest Rate Decision? What Do the Charts Say? – COINTURK NEWS

Bitcoin (BTC) became the center of attention for cryptocurrency investors after surpassing the $30,000 mark on Monday, October 16. Analysts attributed this rise to rumors that the US Securities and Exchange Commission (SEC) has given the green light to BlackRock’s Spot Bitcoin ETF.

Expert Opinion on BTC!

Although the recent price movement seems to have formed a bearish technical pattern on the daily chart of Bitcoin, BlackRock CEO Larry Fink said it is an example of “suppressed interest in crypto.” Furthermore, renowned technical analyst Crypto Capo noted the formation of a pattern known as “head and shoulders” on Bitcoin’s daily chart. This specific formation, easily identified by three peaks where the central peak is higher than the shoulders, can often signal a potential market reversal.

The recent surge in Bitcoin’s value above $30,000 appears to have formed the right shoulder of this technical pattern, according to analysts. Therefore, a possible break below the support level of $25,000 could result in a 20% correction, dragging Bitcoin’s value to around $20,000 or lower.

“Bitcoin’s Appeal Could Increase!”

However, it is crucial to decipher the catalyst behind the recent price increase of Bitcoin. A recent news update by CoinTelegraph mistakenly reported that the SEC approved iShares Spot Bitcoin ETF. BlackRock CEO Larry Fink shared his perspective following Bitcoin’s price volatility. Contrary to rumors, the expert highlighted that the rally was influenced by various global issues and concerns about global terrorism, emphasizing the broader implications of Bitcoin’s popularity. The analyst stated:

I can’t speak to the specifics, but it’s an example of the suppressed interest in crypto and what we hear from our clients around the world about the need for crypto. I think there’s more to the rally than the rumors, and I think the rally has to do with all the issues related to the Israel war.

Fink provided an insightful perspective on the crypto market and argued that the rumor alone did not dictate the rise. He also identified a pattern where investors turn to high-quality assets like treasury, gold, or cryptocurrencies during times of global unrest.

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