Bitcoin’s Remarkable Rally: Analyzing the Next Bullish Phase
The editorial team at Bitcoinist is committed to producing content that is meticulously reviewed by leading industry authorities and experienced editors, ensuring the highest standards of quality.
Bitcoin’s Impressive Surge: A New All-Time High
Over the past week, Bitcoin has demonstrated extraordinary price movements. After a period of consolidation below its historical peak, the dominant cryptocurrency has made a notable breakthrough, surpassing $125,000 and setting a new record.
Advertisement Banner
Delving deeper into Bitcoin’s weekly performance reveals the potential for continued upward momentum. Crypto analyst Bobby Axe points to a rare convergence of technical indicators that often precede significant price increases. His detailed analysis, shared on social media, outlines the signals suggesting a potential surge to $144,000.
Seven Indicators Signaling Bitcoin’s New Growth Phase
Bobby Axe’s insights highlight that Bitcoin is on the brink of overcoming over three months of stagnant and corrective price activity with “one weekly candle.” Recently, Bitcoin has been trading within a narrow range, but a recent upward movement signifies the onset of a new growth phase.
The Significance of the Weekly Candle
The first indicator of this phase is the weekly candle itself. Should Bitcoin close the week near its current high, it would mark its largest weekly candle close ever. Such an event would officially re-enter Bitcoin into price discovery territory.
Momentum-Based Indicators Align for a Breakout
Bobby Axe identifies multiple momentum indicators aligning in favor of a breakout. The weekly RSI, the third indicator, has reset around its median range and is trending toward overbought levels, a pattern typical at the beginning of parabolic rallies.
Stochastic RSI and MACD Histogram Favor Bullish Momentum
The Stochastic RSI, completing a bullish crossover above the 20 mark, confirms bullish momentum over longer timeframes. This serves as the fourth indicator. Additionally, the weekly MACD histogram, indicating reduced bearish pressure, signals a possible shift towards bullish dominance, representing the fifth indicator.
Hash Ribbon Dots and Bollinger Bands
The sixth indicator involves the reappearance of three blue hash ribbon dots on the weekly chart, last seen in July 2020 before the explosive bull run that took Bitcoin from $9,000 to over $60,000. Finally, the weekly Bollinger Bands’ tight formation, due to intense volatility, often precedes Bitcoin’s dramatic rallies.
Bitcoin Poised for a Potential Surge to $144,000
These indicators collectively suggest that Bitcoin is gaining underlying strength, potentially setting the stage for its next significant upward move. Should these signals prove accurate, Bitcoin might be in the early stages of another extended breakout. Fibonacci projection levels suggest a target of $144,000, with an extended target of $158,000 if the bullish trend persists.
As of now, Bitcoin is trading at $124,430, having recently achieved a new high of $126,080 within the last 24 hours.
Commitment to Excellence in Editorial Content
The Editorial Process at Bitcoinist focuses on providing thoroughly researched, accurate, and impartial content. We adhere to strict sourcing guidelines, and each article undergoes rigorous review by our team of top technology experts and seasoned editors. This ensures our readers receive content that is both reliable and valuable.
