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As Bitcoin (BTC) faces a minor correction, trading below the critical support level of $66,000 after several failed attempts to breach the $70,000 mark, analysts are observing important technical indicators that may indicate a price recovery in the future.
Notably, BTC’s weekly Moving Average Convergence Divergence (MACD) has turned to the upside for the first time since October 2023. This shift in MACD parallels previous market behavior, particularly the 2021 bull market rally.
Current Bitcoin trends echo the 2021 rally, and a new ATH is likely to emerge
CryptoBullet analyst CryptoBullet noted that the last time the MACD indicated an uptrend, BTC was trading between $20,000 and $25,000 in 2023, which preceded a significant price surge to a new high. Highest level ever For $73,700 in March of this year.
This context raises the possibility of significant future gains for the leading cryptocurrencies as the market begins to show signs of recovery from previous periods of consolidation over the past few months.
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The analyst emphasized a vertical rise in 2021, followed by a medium-term rise revisionWhich suggests that although the current correction may not be as severe, it has taken longer to unfold.
CryptoBullet explained that BTC has exited that multi-month period Unification The MACD is crossing to the upside again, indicating the possibility of a new all-time high in the final months of the year, along with a lower high on the MACD.
Top cycle $95,000 – $100,000 by early 2025
CryptoBullet’s bullish outlook extends over the next two years, Prediction The peak of the cycle for Bitcoin is between $95,000 and $100,000, with a subsequent bear market bottom expected at between $23,000 and $25,000.
These forecasts are based on Fibonacci wave analysis, where he expects that the confluence of Fibonacci level 1.618 and the top of the current channel will correspond to his target for wave 5.
CryptoBullet predicts that once the target range of $95,000 to $100,000 is reached – expected between December 2024 and March 2025 – Bitcoin may face rejection, triggering the first wave (A) of the next wave. Bear market.
The analyst expects a temporary decline during the summer of 2025, followed by volatility often referred to as 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 uncertainty inherent in these predictions, saying: “These are just my predictions. 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 points out that these scenarios could be negated if there is a radical shift in the landscape. Macroeconomic landscapewhich could lead to Bitcoin breaking out of its multi-year channel and into an upward trend. In such a situation, discussions about targets of $170,000 to $200,000 for Bitcoin could become relevant.
At the time of writing, Bitcoin is trading at $65,970, down 2% over the past 24 hours.
Featured image of DALL-E, chart from TradingView.com