Originally published on: August 18, 2024
Bitcoin is on a quest to reclaim the $60,000 mark by the weekly close in August, with recent “out of hours” price action showcasing notable strength.
Breaking Down the Numbers
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin hit new local highs at $60,271 on Bitstamp, indicating a positive trend for the leading cryptocurrency.
Analyzing the Charts
As the BTC price slowly climbed over the weekend, key indicators such as the Ichimoku cloud on daily timeframes signaled a bullish crossover, with analysts gearing up for a potential uptrend.
The Titan of Crypto, a renowned trader, highlighted the significance of a bullish TK crossover on the Ichimoku chart, hinting at a forthcoming price surge. Additionally, the moving average convergence/divergence (MACD) indicator flashed a bullish cross, further supporting the bullish sentiment among traders.
Expert Insights
Alan Tardigrade echoed the optimism, expressing confidence in Bitcoin’s potential for another rally in the near future. Meanwhile, Rekt Capital emphasized the importance of $60,600 as the level that bulls need to conquer by the weekly close to pave the way for further gains.
Looking Ahead
Drawing insights from previous cycles, analysts anticipate a more intensive phase of price growth approximately 160 days after the Halving, suggesting a potential breakout into the Parabolic Phase.
Disclaimer: This article serves for informational purposes only and should not be treated as investment advice. Readers are advised to conduct their own research before making any financial decisions.
