• Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday and maintained its upward trend.
• Cryptocurrency analyst said that if the bullish trend turns out to be accurate, BTC may approach the $34,000 level.
• There was an inflow of cash which provided an upward momentum to Bitcoin’s rank among investment products.
Bitcoin Price Rally Continues: Why $34K is the Next Target For BTC Price
On Friday, Bitcoin (BTC) was well-bid at about the $28,000 mark and maintained its upward trend due to a notable inflow of cash. This has resulted in an upward momentum for Bitcoin’s rank among investment products.
Bullish Pattern Behind BTC Price Action
According to a cryptocurrency analyst, the price charts for the market leader Bitcoin are currently flashing a bullish pattern. Trader Ali Martinez said that if this bullish trend turns out to be accurate, BTC may approach the $34,000 level.
Ethereum Withdrawals From Exchange Wallets
Around 310,000 Ethereum (ETH) were removed from exchange wallets over 48 hours according to crypto analytics company Santiment. This is seen as a positive sign since it indicated investor cold wallet accumulation.
U.S Federal Reserve Interest Rates Increase
After a weekend surge, Bitcoin temporarily took a halt and drifted below $27,000 on Wednesday as The U.S Federal Reserve announced it was increasing interest rates by 25 basis points as part of its campaign to contain inflation.
Conclusion
Although there were some temporary losses due to The U.S Federal Reserve increasing interest rates; overall this week has been quite successful for Bitcoin with investors taking out 310 000 Ethereum from exchange wallets in 48 hours and potential signs pointing towards a target of 34 000 USD .