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New ATH Incoming? Analyst Reveals Why Bitcoin Next Rally Is Around the Corner
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

New ATH Incoming? Analyst Reveals Why Bitcoin’s Next Rally Is Around the Corner

Samuel Edyme
Samuel Edyme
9 months ago
3 mins read
Analyst Reveals Why Bitcoin's Next Rally Is Around the Corner

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Bitcoin has been in a consolidation phase since its renewed peak above $73,000 in March. However, many experts in the crypto space are eyeing potential signs of a breakout that could lead to a new all-time high (ATH).

A renowned crypto analyst, Mags, for instance, recently shared his insights on Bitcoin’s outlook, noting patterns that have emerged in the past and how they might affect the crypto asset’s future.

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Crypto Stuck in a Rut? Here’s Why a 2024 Bitcoin Breakout May Be Delayed

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9 months ago

Bullish Signals In Bitcoin Consolidation

According to Mags, Bitcoin’s current price action mirrors its behavior during last year’s consolidation period. He emphasized the importance of the Moving Average Convergence Divergence (MACD) indicator, a tool analysts use to gauge momentum shifts.

#Bitcoin new ATH incoming ?

The current consolidation looks a lot like what happened last year when Bitcoin stayed in a range for several months.

The first bullish MACD crossover gave a weak signal, causing a short term pump, but price couldn’t break out of the range.… pic.twitter.com/09osi0GEfF

— Mags (@thescalpingpro) September 10, 2024

Mags highlighted that last year, the first bullish MACD crossover was followed by a short-term rally, but the price failed to break out of its range.

Bitcoin price chart.
Bitcoin price chart. | Source: Mags on X

However, the second bullish MACD crossover led to a significant breakout and subsequent price surge. Mags believes we could witness the same scenario again, potentially setting the stage for a new ATH.

The analyst particularly noted:

We might see the same pattern play out again. The first signal was weak and created a short-term bottom, but the second one might lead to a real breakout and a new ATH.

$73,000 And Beyond

While Mags used the MACD indicator to gauge how near a major Bitcoin rally might be, another crypto analyst, Javon Marks, has also recently shared his outlook on the crypto. However, his view connected more to a technical chart pattern than an indicator.

Related Reading

Will Bitcoin Repeat History? Analyst Sees 2019 Pattern in Current Market

Will Bitcoin Repeat History? Analyst Sees This 2019 Pattern In Current Market

9 months ago

According to Marks analysis, Bitcoin’s price chart has formed a ‘hidden bullish divergence’, which the asset has been trading within for months. Marks mentioned that the target for this pattern is Bitcoin rallying to as high as $73,729.79 and even seeing a “major continuation” after reaching this mark.

The target for this #Bitcoin (BTC) Pattern is at,

$73,729.79

and a major continuation above is more than possible.

The Pattern is a “Hidden Bullish Divergence”. https://t.co/y1LciVBNSI pic.twitter.com/IH0mppoo77

— JAVON⚡️MARKS (@JavonTM1) September 10, 2024

However, so far, Bitcoin is still far from this target, indicating that the asset might still have a long way to go. Particularly, the latest data shows the asset currently trades for $56,851, at the time of writing, up by 2.6% in the past 24 hours.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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