The post Bitcoin Poised for a Massive Move: Analysts See BTC To Surge By 178% Soon appeared first on Coinpedia Fintech News

After a few days of sideways trading, Bitcoin’s price fell to a weekly low of around $66,600 before rebounding to approximately $68,700. Renowned crypto trader and analyst Mags highlighted Bitcoin’s promising signs, suggesting a potential 178% surge from the current range. This surge could propel Bitcoin’s price to around $188,000.

Bitcoin’s Broke Above Monthly Resistance

According to the analyst Bitcoin broke above its last monthly resistance in March, turning it into a support level. 

#Bitcoin just closed another monthly candle above supportThe price broke out above the last monthly resistance back in March and has now turned the level into support. For the past few months, price has been going sideways above the previous ATHIn an uptrend, it's normal… pic.twitter.com/QYdPybKJp5

— Mags (@thescalpingpro) June 1, 2024

Since then, Bitcoin’s price has been moving sideways, hovering above its previous all-time high. This sideways movement is often seen in uptrends, serving as a precursor to substantial price movements.

Reflecting on past performance, Mags noted a similar pattern last year when Bitcoin’s price remained flat from March to September. After this period of stagnation, Bitcoin surged by an impressive 178%. This historical context suggests that the current sideways movement could be setting the stage for another significant breakout.

BTC To Surge Around $188000

If Bitcoin replicates the 178% surge from the current range breakout, the price could skyrocket to approximately $188,000. Such a move would mark a monumental rise, capturing the attention of traders and investors alike.

As of now, Bitcoin is trading at $67,669, showing a slight decline in the past 24 hours. Additionally, Bitcoin’s trading volume has dropped by 7%, now hovering at $24 billion, with a market cap of $1.33 trillion.