- Money to be invested in blockchain technology set to surge
- Bitcoin will be used to validate everything on the blockchain
- Inverse head and shoulders pattern supports bullish trend
The cryptocurrency market has been on the rise since Bitcoin rallied hard from the 2022 lows. Despite the numerous negative headlines in the industry, the market has maintained its bullish momentum.
The technology is expected to grow by more than 65 times from 2021 to 2028, with the amount of money invested in blockchain technology estimated to reach close to $400 billion.
This makes Bitcoin an attractive investment vehicle as it will be used to validate everything on the blockchain?
3 reasons to buy Bitcoin
At the time of writing this article, Bitcoin is up close to 4% and has a bullish outlook.
From a technical analysis point of view, there are at least three reasons to buy Bitcoin. Firstly, it is trading above the $25,000 resistance level. Furthermore, an inverse head and shoulders pattern has been seen at the current bottom. The measured move, shown on the chart below, suggests a minimum target of $32,500.
BTCUSD chart by TradingView
Finally, a pennant pattern is forming at the current level, which could signal a bullish breakout if Bitcoin rises above $30,000. The measured move then indicates a minimum target of $35,000.
