- YouTube crypto analyst Crypto Rover forecasts a rise in Bitcoin this week.
- Crypto Rover based his prediction on the upcoming CPI figures and technical chart patterns.
- The analyst showed that Bitcoin was creating a bullish divergence on the 8-hour chart.
YouTube crypto analyst Crypto Rover forecasts a rise in Bitcoin this week. The analyst believes that Bitcoin’s price will rally due to upcoming CPI figures and technical indicators presented by chart patterns.
In a recent video uploaded on YouTube, Crypto Rover showed that Bitcoin’s historical volatility is low. He also revealed that the Bitcoin eight-hour chart is creating a bullish divergence when the CPI data is expected. According to Crypto Rover, the CPI data would cause significant market volatility when released and could trigger the expected Bitcoin price rally.
Crypto Rover showed Bitcoin is ranging sideways in the short term. Using a four-hour chart on TradingView, he revealed the sideways trend is between short-term support and resistance of $28,900 and $29,800. He noted that while the sideways trend continues, Bitcoin has formed a crucial downward trendline on the four-hour chart, breaking above, which would be significant for Bitcoin’s next move.
In the uploaded video, Crypto Rover pointed out that Bitcoin’s recent significantly low level of volatility is unusual and hasn’t been seen for a long time. According to him, it is at a level that has never occurred in the life of Bitcoin when viewed from a weekly perspective. He used historical data to show that under such circumstances when Bitcoin volatility drops significantly, it is usually followed by a period of high volatility.
Crypto Rover indicated that a falling wedge pattern has formed on the twelve-hour Bitcoin time frame. According to him, a bullish breakout from this pattern would lead to a significant Bitcoin rally. He predicts that the upcoming rally could see Bitcoin climb up to $31,500, making the top of the wedge. He also notes that a break above that level could mean Bitcoin would rally up to $38,000.
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