Renowned analyst Justin Bennett said Bitcoin broke out above the descending channel and is likely to start a new rally.
He told his 98,000 Twitter followers that BTC is posting a bullish confirmation pattern towards the end of the month, breaking above the previous few days high.
“Confirming bullishness is forming. Last day of February, not bad.”
Bennett also points out that Bitcoin just saw a seven-month high on volume, just as it reversed from $34,000, indicating a drastic change in trend.
Bennett says that a daily close above $39,600 is key for BTC to trigger the continuation of the uptrend.
“BTC closing above $39,600 is key to moving higher.
Notable events for March include CPI on the 10th and FOMC on the 16th, and of course, any developments around Russia-Ukraine.”
“I wanted to show you what I am looking for in March – this potential setup could see BTC rally towards $50,000 in the next few weeks…
Bitcoin has two bottoms here [$34,700 both in mid-January and last week]. This is a potential double bottom for the market.
The first step for this to be confirmed is a break above $39,600. The second step is a close above $46,000. That's the low that made the top [around February 11th], so this would be the neckline of a double bottom."