Bitcoin could be on the verge of mirroring its climb to all-time highs from earlier this year, according to on-chain analysis. On June 2, well-known trader and commentator Alan Tardigrade made a key comparison regarding Bitcoin’s price action, identifying similarities between current trends and those observed in mid-February.
Bitcoin relied on less than a month to achieve new all-time highs earlier this year, spurred by a classic on-chain indicator turning positive. Now, the same indicator appears to be setting up again, suggesting potential strength in BTC’s price movement. Tardigrade described the situation as either a “coincidence or price action,” noting the formation of both a bull flag and a MACD bullish cross concurrently. He projected that Bitcoin prices would surge higher following a breakout from this bull flag.
The indicator in question is the moving average convergence divergence (MACD). On three-day charts, the MACD, which assesses the strength of trends, is forming positive bars after a “red” period that began in early April. Simultaneously, BTC/USD is consolidating inside a bull flag. The last time it exited this formation along with a green MACD, new all-time highs followed swiftly within weeks.
Market analysts who follow Bitcoin’s bull market closely have observed the three-day MACD for a long time. Data from Markets Pro and TradingView confirm that a reentry into “red” territory in late December coincided with the volatility surrounding the launch of the first U.S. spot Bitcoin ETFs.
While the BTC price consolidation could cause worry, Tardigrade offers a unique perspective on the sideways price action Bitcoin has been experiencing recently. Consolidating below its March highs for almost three months, Bitcoin might continue to trade within this range for several weeks, or more, according to some cautionary voices.
Lofty BTC price predictions have started to resurface. For instance, Fundstrat Global Advisors has projected a $150,000 target for Bitcoin by 2024. In the nearer term, some traders have their eyes set on $85,000 or higher for this June.
Despite varying opinions about Bitcoin’s current range-bound trading, there is consensus that the most “parabolic” phase of this bull run has yet to begin. If historical patterns and current setups are any indicators, Bitcoin could be gearing up for another remarkable ascent.
As anticipation mounts, investors and traders alike will be closely monitoring these trends and metrics to gauge the market’s next moves. The repetition of historical patterns could potentially unlock significant gains for those attuned to these signals.
Meanwhile, real-world use cases for Bitcoin are still lacking. When will this hype train end?
The more I read, the more convinced I am about BTC’s potential upward trajectory. 📚💸
Every time someone says Bitcoin is about to skyrocket, it takes a nosedive. I’ll believe it when I see it.
Anticipation is building, and I’m here for it. The indicators are aligning!
MACD, bull flags, projections… sounds like more technical mumbo jumbo that always fails to account for market unpredictability.
I wouldn’t trust these predictions one bit. Just another way to pump and dump, if you ask me.
From consolidation to sky-high predictions, Bitcoin’s potential climb is thrilling! 🌄📈
Alan Tardigrade always brings a fresh perspective. Here’s to a bullish breakout! 🥂🔥
If Tardigrade’s predictions hold, we could be in for another BTC boom. 🦅🔥
The anticipation is palpable. Ready for whatever comes next in this BTC journey.
The MACD turning positive is a great sign! Could this mean a new ATH for Bitcoin?
Gotta love Tardigrade’s optimism. Excited to see where BTC goes next.
BTC to $85k this June? Count me in on the excitement!
The on-chain indicators are flashing green! Time to buckle up for another BTC ride.
Cryptocurrency market is too volatile to rely on these so-called ‘indicators.’ It’s just gambling, dressed up as analysis.
This consolidation phase might be longer than expected, but Im keeping my eyes on the prize.
Can we stop with the $150,000 predictions already? It feels like blind optimism.
Strong signals from the MACD give me hope. Let’s see those new ATHs!
A potential $150k target by 2024 is absolutely thrilling! Lets go, Bitcoin!
The historical patterns are intriguing. Here’s to hoping BTC follows through!
Im all for another Bitcoin surge. The indicators look promising!
On-chain analysis never ceases to amaze me. Exciting times for BTC investors! 🧠💹
Let’s be real, this ‘historic pattern’ talk is just a way to get more naive investors on board.
MACD and bull flags? Sounds like the perfect recipe for a BTC breakout.