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Is Bitcoin Eyeing New Highs by Holding the $30.5K Zone?

After months of consolidation and uncertainty, there is light at the end of the tunnel for Bitcoin (BTC) based on the upward momentum being witnessed. 

As a result, optimism is engulfing the BTC market as bullish calls continue making airwaves. For instance, market analyst Michael van de Poppe took to Twitter and noted that new highs would be realized if the leading cryptocurrency continued trading above the $30,500 zone.

According to the analyst, new highs will be realized if Bitcoin breaks the resistance level at $31K. BTC was trading at $29,900 at the time of writing.

The uptrend propelled confidence in the market, as the Bitcoin: Net Unrealized Profit/Loss (NUPL) indicator showcased.

Source: Glassnode

Ali, a crypto trader, acknowledged, “Market sentiment surrounding BTC has rebounded from a brief moment of “fear” and is now back to optimism.”

Whenever fear penetrates the market, an asset trades below its intrinsic value because investors usually shift their holdings to safe havens like gold. Therefore, the renewed optimism in the Bitcoin market is a welcome call because it’s a bullish sign.

Bitcoin Experiences a Falling Wedge Breakout

After trying to break out from a falling wedge pattern formed on the weekly chart in vain, Bitcoin recently realized this objective, as acknowledged by crypto analysts under the pseudonym Rekt Capital.

The usefulness of the falling wedge pattern is that it illustrates bullish momentum in the future as the trend direction changes. It is usually formed when the price continuously bounces between converging or downward-sloping trendlines.

Therefore, Bitcoin seems on the right footing as bullish signs continue to pop up.

Meanwhile, John E Deaton, a lawyer representing XRP holders, recently pointed out that Bitcoin could experience a tenfold increase and hit the $300,000 mark. This was based on a question he posed to his more than 276K followers on Twitter. 

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