U.Today – Cryptocurrency analysts have predicted a massive breakout of (BTC) in the near future. It seems that the dark clouds of bearish trends have faded away and a bright future is on the cards for the largest cryptocurrency in terms of market capitalization. The current price movements of Bitcoin are also hinting at this possible bull run.
According to cryptocurrency analyst and trader Ali Martinez, BTC’s bullish-bearish market indicator has been moving between the bearish and bullish ranges since early August. However, it seems that the sentiment has changed now. Martinez mentioned that this crucial indicator has turned bullish again, predicting a major Bitcoin price breakout.
The renowned analyst shared a chart of Bitcoin’s key metric. It clearly shows that this metric has turned bullish after a prolonged period of oscillating between both extremes. The chart shows that Bitcoin enters an uptrend once this happens. This has been seen in history, therefore, there is a high probability of another BTC uptrend.
Will Bitcoin hit another all-time high?
It is worth noting that another prominent analyst has predicted a massive Bitcoin price breakout. Crypto analyst Jelle has tweeted that the Bitcoin bullish megaphone is still targeting the $180,000 level, even after a six-month consolidation phase. Jelle mentioned that he believes the BTC price will approach this exponential target.
Meanwhile, the Bitcoin price has started supporting these bullish outlooks. As of now, BTC is trading at $60,815, a slight decline of 0.66% over the past 24 hours. BTC faced a strong resistance around the $60,000 level in the recent past. However, it has now successfully broken through this level.
It seems like BTC is now attempting to flip this range into a support zone. Once it has successfully done so, it is likely to target the next resistance at the $63,000 level. Signals from these metrics also support this price outlook, and a notable uptrend is likely on the cards for Bitcoin.
This article was originally published on U.Today
