Bull Flag and MACD Indicators Point to Possible Record High Price of Bitcoin (BTC) on the Rise

Predictions of On-Chain Data and Trader Sentiment for

Months of Consolidation Point to an Upcoming Bitcoin Price Surge


If on-chain research is correct, Bitcoin (BTC) could be preparing to reclaim its record highs from March.

Bull flags and the Moving Average Convergence Divergence (MACD) indicator both point to possible price strength for Bitcoin.

According to on-chain data analysis, Bitcoin's price movement is currently reflecting its performance in mid-February, suggesting that it may repeat its record-breaking highs from March.

Metric that Reechoes Previous Run-Up on the Chain
After a crucial on-chain signal went green earlier this year, Bitcoin reached fresh all-time highs in less than a month. It seems like the same trend is happening right now, which might mean that Bitcoin's price is going to go up.

Here we are talking about the Moving Average Convergence Divergence (MACD) indicator. After a "red" stretch that began in early April, the MACD, a measure of trend strength, is now creating positive bars on three-day timescales.

Also, the price of Bitcoin is forming a bull flag pattern as it consolidates. Bitcoin hit fresh all-time highs in a matter of weeks the previous time this pattern aligned with green MACD bars.

Analysis and Forecasts of the Market

Market watchers following the continuing Bitcoin bull market have been keeping a careful eye on the three-day MACD. Following a dip into "red" zone at the end of December, market volatility ensued as a result of the launch of spot Bitcoin ETFs in the US.

Some experts are predicting that Bitcoin will stay rangebound for at least another week or two, even though the price has been consolidating below its March highs for over three months. But this hasn't stopped many from making ambitious Bitcoin price projections, such as the $150,000 goal set by research company Fundstrat Global Advisors for 2024.

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