As the deadline for the debt ceiling talks between the White House and Congressional Republicans representatives approaches, investors are left in a state of confusion. In the midst of this uncertainty, the global digital market showed some positive signs on Thursday, following a sell-off the previous day. A standout performer was NVIDIA Corp, recording a massive 27% surge, instilling hope within Wall Street.
The world’s largest cryptocurrency, Bitcoin (BTC), however, remains under selling pressure. After dipping below the critical $27K mark on Wednesday, BTC experienced a minor increase in the last 24 hours, with its current trading price averaging at $26,272. An expert predicts that Bitcoin’s price could mirror the substantial surge NVIDIA experienced recently, pointing to the formation of an Inverse Head and Shoulders (iHS) pattern on the chart, similar to what was seen with NVIDIA’s performance.
The expert emphasized that BTC is currently in the process of creating an iHS Structure, which matches NVIDIA’s price chart before the latter’s significant rally. Following a 27% jump on Thursday, the market valuation of the chipmaker firm is on the verge of entering the coveted $1 trillion club. It is believed that this sharp increase added nearly $200 billion to NVIDIA’s valuation after the release of its quarterly report.
With NVIDIA’s market cap now standing at around $951 billion and its shares trading at an average price of $383.76, there is increasing curiosity as to whether Bitcoin’s performance will follow a similar trajectory. However, it is essential to remember that the opinions presented are subject to market conditions and that readers should conduct thorough market research before investing in cryptocurrencies.
While there does appear to be a visual correlation with the charts of both NVIDIA and BTC, it is also essential to consider the differing factors influencing these assets. It is well known that Bitcoin’s performance is often swayed by prevalent market sentiments, regulatory decisions, and even tweets from influential individuals such as Elon Musk.
In conclusion, though technical analysis affirms a similarity between Bitcoin and NVIDIA’s charts, it remains crucial to account for the myriad factors that could ultimately affect BTC’s performance. Investors and enthusiasts should thus approach these predictions with caution and remain vigilant with their market research, considering the multitude of external influences that could impact the cryptocurrency’s value.
Source: Coingape
