Bitcoin’s recent price action has analysts and traders keeping a close eye on key resistance levels that could signal the start of a new bull run. According to popular cryptocurrency analyst Crypto Rover, Bitcoin is on the verge of a major breakout.
“If Bitcoin can break above its previous highs, a bull market will begin!” Rober declared, pointing to a chart showing Bitcoin approaching a key resistance level just shy of $70,000.
If #bitcoin If we can break through the previous high, the bull market will begin! pic.twitter.com/L2cjoKjCHN
— Crypto Rover (@rovercrc) September 25, 2024
After the breakout: Bitcoin signal support
While Rover’s analysis focuses on this immediate resistance, other analysts are suggesting additional bullish indicators.
Bitcoin Archive highlighted a potentially strong signal from a technical perspective: “Bitcoin MACD is about to make a bullish crossover on the 5-day chart for the first time in 230 days.”
They boldly predicted that the last two times this happened, Bitcoin surged 79% and 74% respectively, and that if there was a repeat of this performance, Bitcoin would “go over $100,000.”
Adding another layer to the bullish case, analyst Max noted that Bitcoin has recovered its 200-day moving average, a key level that long-term investors often watch. “The last time Bitcoin tried to do this was in August 2024, but it ended up being a fake,” Max warned.
However, Mags also noted that if Bitcoin can sustain above this level, “we could see a huge breakout ahead.”
These analyses converge on a common theme: Bitcoin is approaching a critical juncture. A breakout of the resistance level highlighted by Rober, combined with the technical signals pointed out by Bitcoin Archive and Max, could actually set the stage for a rally.