This Chart Pattern Suggests Bitcoin (BTC) Price Could Hit $31,000

Bitcoin (BTC) price declined to its lowest mark in more than a month as investors were unwilling to back risky assets in the recent period.

The world’s number one cryptocurrency slipped 4.2% to hit the low of $38,580 on Monday, while Ethereum (ETH) lost 4.7%, dropping to $2,902.

The global crypto market lost 4% over the past two hours, falling to $1.9 trillion, according to CoinGecko.

However, Bitcoin’s technical charts indicate that the cryptocurrency is “not close to an oversold reading”, with near-term support at $35,000 unlikely to hold, according to 22V Research analyst John Roque.

“We continue to believe that it will get to the $30,000 level,” Roque added.

Moreover, Bitcoin price has activated the bear pennant pattern that points to a move towards $31,000. A break of the triangle consolidation pattern near $40,000 has activated this bearish chart formation.

Bitcoin has been fluctuating in the $35,000 - $45,000 range over the past few months, struggling together with other riskier assets after the U.S. central bank started increasing interest rates to curb inflation.

Blockchain data and intelligence provider Glassnode said that investors’ interest in Bitcoin has been quiet, with very little growth in the cryptocurrency’s user base and minimal rise in demand.

By Senad Karaahmetovic

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