Bitcoin price at $60K sparks anticipation of potential bull run.
Mixed technical signals: volatility high, possible breakout looms.
Short-term outlook uncertain, next few weeks crucial for Bitcoin.
Bitcoin’s current market activity suggests a crucial phase that could determine its next major move. As Bitcoin (BTC) trades around $60K, analysts are closely watching for signs of a potential bull breakout.
Michael van de Poppe, a well-known crypto trader, has suggested that if Bitcoin’s monthly candle closes near $60K, it could signal a major rally. He predicts that this could push Bitcoin to $250K or higher, with altcoins likely following suit.
It's still early in the month, but if the monthly candle of $BTC is going to close around $60K, it seems like it's consolidation before the big bull breakout.Very likely that we'll be at the start of;– The big run of Bitcoin to $250K+– The surge of #Altcoins pic.twitter.com/Tk7wz3lm95
— Michaël van de Poppe (@CryptoMichNL) August 10, 2024
Technical indicators offer mixed signals, with the Bollinger Bands being wide, indicating increased volatility. The price currently hovers near the lower band, suggesting that Bitcoin may be oversold. A rebound toward the middle or upper band could indicate a recovery.
Additionally, the 200-day Exponential Moving Average (EMA) is acting as a crucial support level. However, BTC remains below this EMA, a bearish sign that could indicate continued downward pressure unless a breakout occurs.
Source: TradingView
Moreover, the trading volume shows a declining trend, with a spike during the recent sell-off. This pattern often precedes a period of consolidation, which may lead to a breakout in either direction.
The Moving Average Convergence Divergence (MACD) also reflects bearish sentiment. The MACD line remains below the signal line, while the histogram shows a slight reduction in selling pressure. This could hint at a potential reversal, though the momentum is predominantly bearish.
Furthermore, the Relative Strength Index (RSI) is at 47.32, placing it in neutral territory but leaning toward oversold. This level might attract buyers if the price drops further, potentially leading to a reversal. Another analyst, Elja, anticipates Bitcoin to consolidate between $49K and $66K until Q3, with a breakout possibly occurring in Q4.
$BTC Bull Flag Formation Still expecting consolidation between $49K-$66K till Q3Q4 could be the big breakout time 🚀 pic.twitter.com/2ZpgeUqLPt
— Elja (@Eljaboom) August 10, 2024
While Bitcoin’s short-term outlook remains uncertain, the current technical indicators suggest a critical juncture. The market could either continue to consolidate or gear up for a notable bull run, with the next few weeks likely to be decisive.
The post Bitcoin’s Next Big Move? Analysts Predict a Potential Bull Run appeared first on Coin Edition.
