After trading below $39,000 in previous sessions, the price of Bitcoin soared above $43,000 today. The world's most popular and valuable cryptocurrency is up more than 14% to $43,120.
Meanwhile, according to CoinGecko, the global cryptocurrency market cap has risen by more than $2 trillion, or more than 10 percent, in the past 24 hours.
Bitcoin price starts a new rally
Cryptocurrency analyst Justin Bennett said that Bitcoin has broken out of its downward channel and is set to rally. According to the analyst, BTC formed a bullish confirmation pattern at the end of the month, breaking above the previous day's highs.
$BTC Bullish confirmation loading. 👀The last day of February, no less. #Bitcoin pic.twitter.com/9yJv2ef01b
Bennett also noted that Bitcoin just saw its largest trading volume in seven months, just as it reversed from $34,000, indicating a major shift in trend.
He claims that the last 34k low for BTC on BTC\USDT was the biggest green day since late July 2021.
BTC needs to close above $39,600 per day to start the next trend. Bitcoin has yet to close above $39,600. That's the key to raising the price, he said.
He added that the CPI on the 10th and the FOMC on the 16th, as well as any developments around Russia and Ukraine, are notable events in March.
According to Bennett, March will be a positive month for the largest cryptocurrency by market cap. He claimed last week that there is every chance that BTC will reach $50,000 in March.
He also said that BTC had two lows [$34,700 in mid-January and $34,700 this week]. For the market, this could be the start of a double bottom.
BTC has yet to close above $39,600. This is the key to moving higher.Key events in March include the CPI on the 10th and #FOMC on the 16th, and of course any developments around Russia and Ukraine. #Bitcoin pic.twitter.com/WfJQ9qQA73
The first step is to get confirmation, which is not only above $ 39,600. The second step is to close above $46,000. That's where the high came back from [about February 11th], so that's the collar of the double bottom pattern.