Amid Bitcoin's (BTC) struggle to break the $60,000 barrier, market analysts are seeing a sign that the world's top digital asset is gearing up for an explosive rally to record all-time highs later this year. Via X, analyst CyclesFan explained that while there are signs that suggest a coming surge for BTC, the asset's price needs to be strengthened. close above the 20-week moving averagewhich will give greater certainty to this forecast. Moving averages are a technical indicator that takes into account price data in certain weeks, creating a line that represents the average price during that period. According to CyclesFan, the lowest price recorded last week around the 50-week moving average, It seems similar to the minimum recorded in the months of June and July 2021the year of the last bitcoin bull market, when it first hit the $69,000 mark. The analyst says that if a bottom price for bitcoin is confirmed at a 20-week moving average, “it is likely that (BTC) will go up in November or December.” This, as buying pressure on Bitcoin will outweigh selling pressure.
“There needs to be a negative divergence on the monthly chart to create the conditions for a major top,” CyclesFan notes.
Bitcoin is having similar behaviors to those of 2021. Source: CyclesFan. CyclesFan's vision regarding the behavior of the bitcoin price is shared by another analyst, Stockmoney Lizards, who also on the social network X highlighted that BTC is in moments of correction and that the fourth quarter in bull market periods, “tend to be quite strong” in terms of price increases. It should be remembered that the bitcoin price increase predicted for the end of this 2024 is something that Market analysis firms and even large banks have agreed.
This is the case of the British Standard Chartered, which projected a price of USD 150,000 for each BTC by the end of this year. and USD 250,000 by 2025as reported by BitcoinDynamic. At the close of this report, 1 bitcoin is trading at around USD 59,800, according to data from CoinMarketCap. In effect, this is a price correction that seems to be consolidating before the fourth and final quarter of the year beginswhich are usually dates on which BTC tends to make significant rallies.