Bitcoin (BTCUSD) is ahead of a major bullish formation as most likely by next Monday, it will form a Golden Cross on the 1D time-frame, the first such formation since October 29 2023. As we've analyzed before, it is no coincidence that exactly 1 year later a new 1D Golden Cross emerges as seasonality and long-term Cycles play a pivotal role for BTC.
On top of that, the price made a major re-test (and so far bounce) at the top of the former Channel Down that broke upwards last week. If this re-test holds, it is the best short-term signal for a new High. In fact the price has been making Higher Highs since the August 05 bottom, forming a double Channel Up pattern, and those Higher Highs are the reason why the market got behind this rally and supported it to break above the 7-month Channel Down.
So the Higher Highs along with the 1D Golden Cross are the bullish combination that the market needs to look (much) higher. The first technical target now is naturally the 73800 All Time High (ATH). It is very possible to see it get tested by the election day.
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