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As Bitcoin (BTC) experiences a minor correction and trades below the critical support level of $66,000 after several failed attempts to cross the $70,000 mark, analysts are observing key technical indicators that could point to future price recovery.
Notably, BTC’s weekly Moving Average Convergence Divergence (MACD) has turned bullish for the first time since October 2023. This shift in MACD parallels previous market behavior, most notably the substantial rally in the 2021 bull market.
Current Bitcoin Trends Echo 2021 Rally, New ATH Possible
Crypto analyst CryptoBullet has pointed out that the last time the MACD signaled a bullish trend, BTC was trading between $20,000 and $25,000 in 2023, which preceded a significant price spike for a new trend. highest ever from $73,700 in March this year.
This context raises the possibility of significant gains for the leading cryptocurrency as the market begins to show signs of recovery from previous periods of consolidation in recent months.
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In a recent one analysis shared on social media platform X (formerly Twitter), CryptoBullet also noted the similarities between current market conditions and those of the 2021 bull cycle.
The analyst highlighted the vertical rally in 2021, followed by a medium-term rally correctionThis suggests that while the current correction may not be as severe, it has taken longer to unfold.
CryptoBullet explained that BTC breaks that several months consolidation while the MACD is once again crossing bullishly, indicating the potential for a new all-time high in the final months of the year, in addition to a lower high on the MACD indicator.
Cycle top of $95,000-$100,000 in early 2025
CryptoBullet’s bullish outlook extends over the next two years, to predict a cycle top for Bitcoin between $95,000 and $100,000, with an expected bear market bottom between $23,000 and $25,000.
This prediction is based on Fibonacci wave analysis, where he predicts that the confluence of the 1.618 Fibonacci level and the top of the current channel will be in line with his target for Wave 5.
CryptoBullet expects that once the target range of $95,000 to $100,000 is reached – expected between December 2024 and March 2025 – Bitcoin could be rejected, which will initiate the first wave (A) of the next. bear market.
The analyst predicts a temporary low in the summer of 2025, followed by swings often called a “Dead Cat Bounce” in the market, expected between September and December 2025.
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CryptoBullet warns that the most challenging phase, Wave C, could extend throughout 2026, with a potential target of $23,000 to $25,000.
CryptoBullet acknowledges the inherent uncertainty in these projections and states: “These are just my expectations. I’m trying to be conservative here and not give you crazy goals of $250,000 to $500,000 or $1 million. ”
In its analysis, CryptoBullet also notes that these scenarios could be invalidated if there is a dramatic shift in the situation macroeconomic landscapewhich could lead to Bitcoin emerging from its multi-year channel. In such a case, discussions around $170,000 to $200,000 targets for Bitcoin could become relevant.
At the time of writing, BTC is trading at $65,970, down 2% in the past 24 hours.
Featured image of DALL-E, chart from TradingView.com
Credit : www.newsbtc.com
