Posted 3/14/2024, 7:22:00 AM
Bitcoin Faces Possible Price Pullback Despite Growing Institutional Interest
- Bitcoin has formed a "rising wedge" price pattern, which typically resolves with a bearish price pullback
- The cryptocurrency's 10-day rate of change has diverged from the rising prices, signaling weakening momentum
- Pullbacks of 20% or more were common in previous bitcoin bull markets
- The analyst expects any pullback to be short-lived given increasing institutional adoption
- Other indicators like ETF inflows and MicroStrategy's continued BTC purchases may limit downside
