New ATH Incoming? Analyst Reveals Why Bitcoin’s Next Rally Is Around the Corner
11 Setembro 2024 - 1:00AM
NEWSBTC
Bitcoin has been in a consolidation phase since its renewed peak
above $73,000 in March. However, many experts in the crypto space
are eyeing potential signs of a breakout that could lead to a new
all-time high (ATH). A renowned crypto analyst, Mags, for instance,
recently shared his insights on Bitcoin’s outlook, noting patterns
that have emerged in the past and how they might affect the crypto
asset’s future. Related Reading: Crypto Market Stuck In A Rut?
Here’s Why 2024 Bitcoin Breakout May Be Delayed Bullish Signals In
Bitcoin Consolidation According to Mags, Bitcoin’s current price
action mirrors its behavior during last year’s consolidation
period. He emphasized the importance of the Moving Average
Convergence Divergence (MACD) indicator, a tool analysts use to
gauge momentum shifts. #Bitcoin new ATH incoming ? The current
consolidation looks a lot like what happened last year when Bitcoin
stayed in a range for several months. The first bullish MACD
crossover gave a weak signal, causing a short term pump, but price
couldn’t break out of the range.… pic.twitter.com/09osi0GEfF — Mags
(@thescalpingpro) September 10, 2024 Mags highlighted that last
year, the first bullish MACD crossover was followed by a short-term
rally, but the price failed to break out of its range. However, the
second bullish MACD crossover led to a significant breakout and
subsequent price surge. Mags believes we could witness the same
scenario again, potentially setting the stage for a new ATH. The
analyst particularly noted: We might see the same pattern play out
again. The first signal was weak and created a short-term bottom,
but the second one might lead to a real breakout and a new ATH.
$73,000 And Beyond While Mags used the MACD indicator to gauge how
near a major Bitcoin rally might be, another crypto analyst, Javon
Marks, has also recently shared his outlook on the crypto. However,
his view connected more to a technical chart pattern than an
indicator. Related Reading: Will Bitcoin Repeat History? Analyst
Sees This 2019 Pattern In Current Market According to Marks
analysis, Bitcoin’s price chart has formed a ‘hidden bullish
divergence’, which the asset has been trading within for months.
Marks mentioned that the target for this pattern is Bitcoin
rallying to as high as $73,729.79 and even seeing a “major
continuation” after reaching this mark. The target for this
#Bitcoin (BTC) Pattern is at, $73,729.79 and a major continuation
above is more than possible. The Pattern is a “Hidden Bullish
Divergence”. https://t.co/y1LciVBNSI pic.twitter.com/IH0mppoo77 —
JAVON⚡️MARKS (@JavonTM1) September 10, 2024 However, so far,
Bitcoin is still far from this target, indicating that the asset
might still have a long way to go. Particularly, the latest data
shows the asset currently trades for $56,851, at the time of
writing, up by 2.6% in the past 24 hours. Featured image created
with DALL-E, Chart from TradingView
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