The bitcoin price is preparing for a new parabolic rise. Several analysts on X are bullish about the price based on a number of indicators.
New rally in the making?
The price indicators strongly indicate that bitcoin (BTC) still has a lot of fuel left and that much bigger profits are about to happen, says the pseudonymous analyst TechDev to his 444,000 followers. He sees that the price is putting pressure on the 350 daily moving average (DMA). While this indicator is consolidating near record highs. TechDev also reports that BTC’s moving average convergence divergence (MACD) indicator on the bi-monthly chart is green, a positive signal.
The analyst says that the current price action has historically led to a parabolic rally, and this rally will likely end when the 111 DMA touches the 2×350 DMA.
$BTC consolidation at the intersection of prior ATH and 2 x 350DMA soon after a 2M MACD flip is nothing new.
On the contrary, it’s been the precursor to a parabolic surge up to a cross with the 111DMA. pic.twitter.com/EuyuJLwmVA
— TechDev (@TechDev_52) April 6, 2024
TechDev also believes that Bitcoin market cycles have little to do with the upcoming halving, which takes place approximately every four years and halves BTC rewards for miners. Instead, the analyst says bitcoin is likely more correlated with global liquidity cycles. He shares a long-term chart suggesting a correlation between BTC, global liquidity and the balance sheets of major central banks.
This is the first time a new #Bitcoin ATH has come before a halving…
Because this has been the first liquidity cycle to start before a halving.
Reveals which has been driving these runs, and which has happened to align (except this time). pic.twitter.com/C56Vct9pAv
— TechDev (@TechDev_52) April 6, 2024
“All-time high testen”
What are other analysts saying? According to Michaël van de Poppe, bitcoin is on its way to a new record and the price will test the all-time high. In his view, commodities and bitcoin are showing resilience and that means a test of the record high of $73,794.
There we go.#Gold opening up with a big new upwards candle and #Bitcoin is back to $71,000.
Given the strength on commodities and the current price action of Bitcoin, I suspect we’ll see a test of the all-time high coming up. pic.twitter.com/GaCvQK2q4K
— Michaël van de Poppe (@CryptoMichNL) April 8, 2024
Tedtalksmacro sees that the spot buyers are very “hungry”.
Spot BTC buyers are hungry. https://t.co/3ytUWMprh8 pic.twitter.com/Y1N4GZp3I4
— ted (@tedtalksmacro) April 8, 2024
According to this analyst, based on the bimonthly price of bitcoin, there is still a lot of potential in the pipeline.
No one will be able to tell you 100% where this cycle will end for $BTCbut man… this 2-month chart looks super exciting, doesn’t it?
I think we still have a lot of upside potential if you look at the past. pic.twitter.com/PFh5AJmJXj
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 8, 2024
Source: https://bitcoinmagazine.nl/nieuws/nieuwe-rally-voor-bitcoin-koers-in-de-maak-deze-analisten-denken-van-wel
