Bitcoin (BTC) might be gearing up for another surge to its all-time highs, according to on-chain analysis. Popular trader and commentator Alan Tardigrade drew a comparison between BTC’s current price action and its performance in mid-February. In a tweet, Tardigrade pointed out that a classic on-chain indicator, the moving average convergence divergence (MACD), is showing similar signs to when BTC hit new all-time highs earlier this year. The MACD on the three-day timeframe is currently building positive bars after a “red” period that started in early April. The last time this happened, BTC reached new all-time highs in just a matter of weeks. The three-day MACD has been closely watched by market observers during the current Bitcoin bull market. Despite Bitcoin’s consolidation below the March highs for nearly three months, some experts predict that it will continue to trade within a range for the foreseeable future. However, there are still high price predictions for Bitcoin, with research firm Fundstrat Global Advisors targeting $150,000 by 2024. Traders are also eyeing a potential price of $85,000 or higher in June. While the consensus is that Bitcoin’s most “parabolic” stage of the bull run has not yet arrived, it’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Bitcoin's bullish flag pattern and MACD indicator hint at a potential breakthrough of an all-time high in BTC price.