BTC Triangle Convergence Breakthrough, Further Rise Possible
CryptoNewsTerminal Staff22 Aug, 2024
BTC Triangle Convergence Breakthrough, Further Rise Possible
Markus Thielen, founder of 10x research, a crypto market analysis firm, recently shared his insights on Bitcoin's price action. He mentioned that Bitcoin experienced a 4% surge following an upward breakout of the triangle convergence pattern. This breakout suggests the potential for further growth. Thielen also highlighted the positive turn in Bitcoin perpetual futures funding rates. This indicates that investors are optimistic about Bitcoin's future prospects. Consequently, Bitcoin's dominance is anticipated to rise steadily. In light of these observations, Thielen suggests that investors consider selling Ethereum and investing in Bitcoin. This could potentially yield favorable returns.
