Bitrabo Editorial
Despite a recent dip in Bitcoin’s price, the top cryptocurrency continues to attract optimistic forecasts from analysts. Investors and traders are looking forward to a significant rally soon, reflecting their confidence in Bitcoin’s potential.
Could Bitcoin Be Ready for a Significant Bull Run?
Ash Crypto, a market analyst and trader, shared on X (formerly known as Twitter) his belief in Bitcoin’s capacity for a major bull run in the current cycle. He cites improved market sentiment and historical trends as key factors contributing to this outlook. Ash believes that these elements could push Bitcoin to reach new all-time highs shortly.
This expert observes that Bitcoin’s current behavior closely resembles its bull run during 2020-2021. His insights imply that the bullish trends leading to BTC’s previous surge are present in today’s market conditions.
Ash also points out that Bitcoin has created a similar double Moving Average Convergence Divergence (MACD) crossover pattern, indicating potential positive momentum, particularly in the weekly timeframe.
During the previous bull cycle from 2020 to 2021, the initial MACD crossover was closely linked to the MACD zero line, with Bitcoin trading within an accumulation range. Shortly after, a second crossover led to a rapid price increase, resulting in a significant bull run.
In the current cycle, Ash notes that the first crossover occurred last year as BTC began trading in a defined area. He anticipates that within the next two to four weeks, a second MACD crossover will occur, potentially triggering further price increases.
Based on these developments, the analyst forecasts remarkable growth in Bitcoin’s price over the coming months, envisioning a “grand massive bull run” and expressing strong belief in a positive future for the cryptocurrency.
Three Inverse Head and Shoulders Patterns Over the Past Decade
Another analyst, Trader Tardigrade, has also made bold predictions regarding a forthcoming bull run for BTC. He identified an inverse head and shoulders pattern on Bitcoin’s chart, observed in various instances over the last ten years.
This pattern indicates that a declining trend may be coming to an end, suggesting that Bitcoin could break out upward from its current phase. Tardigrade points out that this marks the third occurrence of this pattern for Bitcoin since 2013.
Currently, Tardigrade notes that Bitcoin is forming the right shoulder of the third inverse head and shoulders pattern. Should BTC manage to break out from this configuration, he predicts a substantial bull run, potentially leading to a peak in this cycle.