Bitcoin Weekly Timeframe Forms Diamond Pattern, Is $41k Next?

In the last 24 hours, the largest crypto project, Bitcoin (BTC), broke the $30k price point for the first time in two months. While Bitcoin has momentarily dipped to $29,917 at the time of writing, its seven-day performance stands significantly at over 11%.

Amid Bitcoin’s appetizing performance pushing the overall digital asset market into a greenish trend, prominent chart analysts are projecting that market participants can expect even greater bulls in the coming days.

Specifically, The Moon, a renowned crypto analysis YouTube channel, argued that Bitcoin’s chart patterns have formed a diamond pattern. The presenter, Carl, noted that the formed pattern was based on Bitcoin’s weekly timeframes. He illustrated how the Bitcoin weekly price charts ticked all the boxes for a diamond pattern with a big move to the upside and another in the middle alongside a horizontal tilt.

According to Carl, the diamond-shaped chart suggests Bitcoin could see a bullish break-out pattern in the next 24 hours. Specifically, he argued that market participants can expect the next target for BTC to be $41,000 in 30-day time following the anticipated breaking out.

TRADE ALERT: #Bitcoin diamond pattern.

Target: $41,000 within 30 days.

More info here: https://t.co/4uX3lL9Sf8 pic.twitter.com/2ABJo5fYiu

— Carl From The Moon (@TheMoonCarl) October 22, 2023

Besides, the chart analyst noted that the critical resistance level that Bitcoin needs to break is the $31k price level, which appears to be just above the sketched diamond shape. Additionally, Carl shared the long positions he has opened for Bitcoin. The analyst exhibited that some of his Bitcoin long bets have already amassed $9k in profit.

Also, Carl noted that among the reasons he has opened his Bitcoin long positions now is the anticipated Bitcoin spot exchange fund (ETF) approval. “Any day now, the ETF will come out, and then we will wish that we had these long positions,” Carl remarked.

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