Despite the last drawback in price BitcoinThe largest cryptocurrency asset continues to see a wave of bullish forecasts from many analysts as investors and traders anticipate a significant rally in the short term, reflecting a strong feeling for Bitcoin’s potential among these cryptocurrency enthusiasts.
Is Bitcoin preparing for a historic bull market?
In a bullish post on Platform X (formerly Twitter), Ash Crypto, a market expert and trader, said He pointed out The possibility that Bitcoin will produce the largest bullish wave in this ongoing cycle, supported by improving market sentiment and Past Taurus cycle Directions. Ash Crypto is convinced that these factors could cause the digital asset to continue to rise, perhaps to a level New all-time high in the near future.
According to a market expert, Bitcoin is currently mimicking the uptrend that occurred in the 2020-2021 cycle. His claims may indicate that the bullish setup observed before BTC’s meteoric rise during this period is reflected in the current market structure and trend patterns.
Ash Crypto noted that as BTC reverses the 2020-2021 trend, the digital asset has also formed a double cross similar to the Moving Average Convergence and Convergence (MACD), which the analyst mentioned on the one-week time frame.
During the 2020-2021 bull cycle, the first MACD crossover occurred near the zero MACD line and Bitcoin price traded in an accumulation zone. Also, the second crossover occurred and the value of the asset began to rise rapidly, leading to a significant rally during this period.
Meanwhile, in The ongoing bull cycleWhen the first crossover happened last year, BTC price also moved into a certain area. In the next two to four weeks, Ash Crypto highlighted that a second MACD crossover is expected.
Following the development, the analyst expects another massive growth in the value of Bitcoin in the coming months, which he believes will be a “massive bull run,” demonstrating his confidence in the optimistic trajectory of the current cycle.
3 Inverse Head and Shoulders Patterns in the Past Decade
Another crypto expert and enthusiast anticipation The Imminent Massive Bull Market for BTC is Trader Tardigrade. The market expert made a bold prediction after citing the inverse head and shoulders pattern BitcoinChart in different scenarios in the last ten years.
Specifically, the inverse head and shoulders formation signals the end of a downtrend, meaning Bitcoin could be poised for a bullish breakout out of its current phase. Meanwhile, according to Tardigrade, Bitcoin has seen this pattern for the third time since 2013.
Tardigrade noted that Bitcoin is forming the right shoulder within the third inverse Head and Shoulders at the moment. Therefore, if BTC breaks out of the pattern, the analyst expects a huge uptrend, possibly to a level The peak of the cycle.
Featured image from Unsplash, chart from Tradingview.com