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As Bitcoin (BTC) undergoes a minor correction, trading below the key support level of $66,000 after several unsuccessful attempts to break the $70,000 mark, analysts see important technical indicators that may indicate a future price recovery.
Notably, BTC’s weekly Moving Average Convergence Divergence (MACD) for BTC has changed for the first time since October 2023. This MACD reversal is similar to previous market behavior, especially the large rally in the 2021 bull market.
Current Bitcoin Trends Echo 2021 Rally, New ATH Possible
Crypto analyst CryptoBullet pointed out that the last time the MACD showed a bullish trend, BTC was trading between $20,000 and $25,000 in 2023, which preceded a new significant price increase. world class for $73,700 back in March of this year.
This context raises the possibility of significant future gains for the leading crypto as the market begins to show signs of recovery from previous periods of consolidation over the past few months.
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The latest analysis shared on social media platform X (formerly Twitter), CryptoBullet also noted similarities between current market conditions and those of the 2021 bull cycle.
The analyst emphasized a direct meeting in 2021, followed by mid-year preparationsuggesting that while the current fix may not be that difficult, it took a long time to unfold.
CryptoBullet explained that BTC is coming out of that many months reinforcement as the MACD crosses bullish again, it points to the potential for new all-time highs in the final months of the year, as well as lower highs on the MACD indicator.
Cycle Top Of $95,000-$100,000 Early 2025
CryptoBullet’s positive outlook extends over the next two years, prediction Bitcoin cycle high between $95,000 and $100,000, followed by a bear market decline is expected between $23,000 and $25,000.
This forecast is based on Fibonacci wave analysis, where he predicts that the confluence of the 1.618 Fibonacci level and above the current channel will coincide with his Wave 5 target.
CryptoBullet expects that once the target range of $95,000 to $100,000 is reached—expected between December 2024 and March 2025—Bitcoin may face rejection, starting the next wave (A). bear market.
The analyst predicts a short-term decline in the summer of 2025, followed by a fluctuation often called the “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 to 2026, with a target of around $23,000 to $25,000.
CryptoBullet acknowledges the uncertainty inherent in these projections, saying, “These are my expectations. I’m trying to be careful here and not give you $250,000 to $500,000 or $1 million.
In his analysis, CryptoBullet also notes that these conditions may not work if there is a big change macroeconomic structurewhich could lead to Bitcoin breaking out of its multi-year channel to the top. In such a case, discussions around $170,000 to $200,000 Bitcoin target would be helpful.
At the time of writing, BTC is trading at $65,970, down 2% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
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