Cryptocurrency Analyst Titan of Crypto has highlighted a bullish indicator on the Bitcoin chart. The analyst also revealed what happened the last time this pattern formed, suggesting that the leading cryptocurrency could enjoy a significant price increase quite soon
A golden cross forms on the Bitcoin chart
Cryptocurrency titan Revealed on an X (formerly Twitter) mail that a golden cross has formed on Bitcoin’s 2-month chart. He added that the major cryptocurrency firm experienced a “massive” rally every time this bullish indicator appeared on its 2-month chart. His accompanying chart showed this last happening in 2021 when Bitcoin rose from around $13,000 to More than $60,000.
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While it remains to be seen what will happen this time around, there is no doubt that a significant recovery is long overdue for the leading cryptocurrency, considering how its price has stagnated since hitting a new record high. All-time high (ATH) of $73,000 in March of this year. In another Publication XCrypto titan suggested that the long-awaited Bitcoin rally could start in October.
The cryptocurrency analyst pointed out how the September historically bearish He always sets the stage for risk assets like Bitcoin and US stocks to end the year with a big rally. Meanwhile, the Titan of Crypto remains confident in Bitcoin’s bullish outlook despite calls that it is now in a downtrend. He claimed that Bitcoin remains bullish on the monthly time frame. He added that the cryptocurrency is still holding its Tenkan and stated that his bullish outlook will remain intact as long as it stays above the Tenkan line at $49,900.
According to the accompanying chart he shared, Bitcoin needs to break above $71,000 to hit a new ATH in this market cycle. The cryptocurrency analyst had Previously predicted that the flagship cryptocurrency could hit a market peak of $120,000 by 2025.
October is the month we look forward to
Cryptocurrency analyst Rekt Capital He also echoed a similar sentiment as the Titan of Crypto, suggesting that October is the month to look forward to. He noted that history suggests that Bitcoin should enjoy a breakout from the reaccumulation range in the next two weeks. However, he added that there is a higher probability of the breakout occurring in October.
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October is historically a strong month for the leading cryptocurrency, especially in halving years like this one. A potential Bitcoin rally in October is expected to extend to November and DecemberRekt Capital highlighted how the cryptocurrency has enjoyed three consecutive months of growth in the fourth quarter of 2016 and 2020. years of halving.
At the time of writing, Bitcoin is trading around $57,700, up more than 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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