Just talked about this, and now there’s a new development: Is Bitcoin playing its old tricks again?
Analysts say BTC is repeating the chart pattern seen near $75,884 before its major rally began in 2023, and a new upward wave may be about to start in the short term.
Just a couple of days ago, we analyzed BTC’s technical predicament amid the threat from quantum computing. Now this analyst is stirring things up again. He says Bitcoin’s weekly chart is showing the same pattern near $75,884 that it did in 2023, after which BTC more than doubled in price. Specifically, the 50-week moving average crossed above the 200-week moving average, alongside a bullish divergence in the KDJ indicator. This combination also appeared before BTC broke above $40K last February. However, BTC is still stuck beneath the overhead supply zone above $80K, and it’ll be hard for a rally to go smoothly until that resistance is cleared.
My take
Bullish. Historically, this technical pattern has been followed by gains more than 60% of the time. In the short term, $78K resistance is the first hurdle. If BTC can break through on strong volume, the medium-term target could be $85K. That said, I ran the numbers, and the conclusion may not be what you expect.
$BTC $ETH #BTC #ETH
⚠️ Not investment advice
#BitcoinRebounds$75KAsChipsLead
Analysts say BTC is repeating the chart pattern seen near $75,884 before its major rally began in 2023, and a new upward wave may be about to start in the short term.
Just a couple of days ago, we analyzed BTC’s technical predicament amid the threat from quantum computing. Now this analyst is stirring things up again. He says Bitcoin’s weekly chart is showing the same pattern near $75,884 that it did in 2023, after which BTC more than doubled in price. Specifically, the 50-week moving average crossed above the 200-week moving average, alongside a bullish divergence in the KDJ indicator. This combination also appeared before BTC broke above $40K last February. However, BTC is still stuck beneath the overhead supply zone above $80K, and it’ll be hard for a rally to go smoothly until that resistance is cleared.
My take
Bullish. Historically, this technical pattern has been followed by gains more than 60% of the time. In the short term, $78K resistance is the first hurdle. If BTC can break through on strong volume, the medium-term target could be $85K. That said, I ran the numbers, and the conclusion may not be what you expect.
$BTC $ETH #BTC #ETH
⚠️ Not investment advice
#BitcoinRebounds$75KAsChipsLead
