According to Cointelegraph: Bitcoin is showing strong indications of an impending upward price movement, with key metrics aligning to suggest a potential breakout. As Bitcoin approached the crucial $60,000 mark during the August 18 weekly close, trading activity outside of standard hours exhibited notable strength, fueling optimism among traders.
One of the key indicators pointing to a bullish phase is the moving average convergence/divergence (MACD) indicator, which tracks the relationship between two moving averages to identify potential buy and sell opportunities. The MACD recently displayed a bullish cross, signaling a strong possibility of further price gains. Alan Tardigrade, a prominent trader, highlighted this in a recent post, asserting that Bitcoin has a "very high chance of pumping again SOON."
$60,600: The Critical Level for Bitcoin Bulls
According to popular trader and analyst Rekt Capital, the $60,600 price level is now the critical threshold for Bitcoin bulls to secure by the weekly close. Successfully reclaiming this level would mark the end of a brief downturn that saw Bitcoin's price dip to six-month lows earlier in August.
Rekt Capital emphasized that achieving this price point would signal the end of the "downside deviation bargain period" below the post-halving "reaccumulation range." This range is a key area where long-term investors typically accumulate Bitcoin in anticipation of future price increases. The analyst provided an explanatory chart to illustrate the importance of this level.
Countdown to Bitcoin's Parabolic Phase
Further supporting the bullish outlook, Rekt Capital noted that Bitcoin is currently around 125 days post-halving, a period historically followed by significant price growth. Drawing from past cycles, Rekt Capital suggested that Bitcoin could enter its "parabolic" phase—where prices experience rapid and substantial increases—within the next month.
"Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving," the analyst explained. If history repeats itself, Bitcoin could see a breakout by late September, potentially driving prices well beyond the current levels.
As Bitcoin continues to flirt with the $60,000 mark, traders and investors alike are closely watching these signals, with many anticipating a significant upward move in the near future.
