💥💥💥 New ATH Incoming? Analyst Reveals Why #Bitcoin’s Next Rally Is Around the Corner
Bitcoin Consolidates as Analysts Eye Potential Breakout to New All-Time High
- Bitcoin has been in a consolidation phase since reaching a renewed peak above $73,000 in March. However, many crypto experts are monitoring potential signs of a breakout that could drive the asset to a new all-time high (ATH).
Analyst Mags: Bullish Signals Amid Consolidation
- Renowned crypto analyst Mags recently shared his outlook on Bitcoin, pointing out patterns from the past that may influence its future trajectory. He emphasized the significance of the Moving Average Convergence Divergence (MACD) indicator, a tool used by analysts to detect momentum shifts.
- Mags highlighted that last year, Bitcoin's first bullish #MACD crossover was followed by a brief rally, but the price didn’t break out of its consolidation range. However, the second bullish MACD crossover triggered a major breakout and price surge. He believes that a similar scenario could unfold, setting the stage for a new ATH.
- “We might see the same pattern play out again,” Mags noted.
“The first signal was weak, creating a short-term bottom, but the second could lead to a real breakout and a new ATH.”
$73,000 and Beyond
- While Mags used the MACD to assess Bitcoin’s potential for a rally, another analyst, Javon Marks, focused on a different technical pattern. Marks observed a 'hidden bullish divergence' in Bitcoin’s price chart, which has persisted for months. He suggested that this pattern could lead to a rally up to $73,729.79, with the potential for continued gains beyond this target.
- However, Bitcoin remains below this level, with the latest data showing it trading at $56,610, up 2.6% in the past 24 hours. Despite this distance from the target, analysts remain optimistic that the next significant move could lead to a breakout.
Source - newsbtc.com
