Connect with us
Active Currencies 15002
Market Cap $2,437,649,662,796.80
Bitcoin Share 55.26%
24h Market Cap Change $0.74
Bitcoin

BTC cycle to top at $100k? Bitcoin MACD crossover gives clues for investors

2min Read

Cycles rhyme but do not repeat. In the 2017-18 bull run, the weekly MACD bullish crossover saw a 617% return, but it could be much lesser this time.
Posted:
Avatar
Journalist
Bitcoin MACD crossover shows vertical rally is about to begin
Avatar
Journalist
Posted:

Share this article

  • Analyst forecasts a 40% rally for Bitcoin before cycle top.
  • The Fibonacci extension levels show targets of $109k and $132k.

Bitcoin [BTC] saw a surge in accumulation addresses. The HODL mentality was growing in popularity. Bitcoin addresses that have never had an outflow and a minimum of 10 BTC held 1.5 million coins at the beginning of 2024, but currently held 2.9 million.

The Bitcoin Rainbow Chart gave ultra-optimistic forecasts for the current cycle, targeting $288k or higher. However, historical trends showed that a cycle top could be closer to $100k this time.

Bitcoin set for another 40% rally before the cycle top?

In a post on X, crypto analyst CryptoBullet noted that the weekly MACD formed a bullish crossover for the first time since October 2023. Back then, a rally of 172% occurred within five months.

Yet, this rally was before the Bitcoin halving event. The debate now is- should we expect similar gains, or would the next leg higher end up forming a lower high on the MACD, and end up being the end of the bull run?

The analyst favored the latter scenario. A multi-month consolidation followed by a bullish MACD crossover after a vertical rally would likely not see triple-digit percentage gains. CryptoBullet suggested on his charts that another 40% move higher would be a reasonable target.

Gauging the current targets for Bitcoin

Bitcoin 1-week TradingView

Source: BTC/USDT on TradingView

History rhymes but need not repeat. In the 2017-18 bull run, the weekly MACD bullish crossover saw a 617% return, and the 2020 one saw a 468% move. The 2023 one gave 172% in return but happened before the halving date.

Is your portfolio green? Check the Bitcoin Profit Calculator

In 2019 and 2020, Bitcoin rallied 190% from the $3.2k lows set 18 months before the halving. It is possible that the pre-halving run that BTC saw could be broken, and that the 40% price extension target CryptoBullet gave for the next leg could be wrong.

However, as things stand, it seems to be a reasonable expectation. It also ties in well with the Fibonacci extension levels plotted on the weekly chart above.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.