A crypto analyst known as Titan of Crypto shared his bullish views on Bitcoin on Twitter.
In a series of tweets, he explained why he thinks the Bitcoin season may have just begun and how the biggest cryptocurrency could reach $49k in the coming months.
According to Titan of Crypto, Bitcoin dominance (BTCD) is breaking its range to the upside, which indicates that Bitcoin is gaining strength relative to other cryptocurrencies.
He also noted that a golden Tenkan Kijun Cross on the BTCD chart, which is a bullish signal in technical analysis, is about to occur. However, he added that this is yet to be confirmed and the Chikou range (a lagging indicator) must surpass the price for confirmation.
#Bitcoin Season might have just begun!💥#BTCD is breaking the range to the upside.
Note that a golden Tenkan Kijun Cross is about to occur (not confirmed yet).
Behind Chikou 🟠has to pass its price but if June were to close as it is, 56% would be the target & we would have a… pic.twitter.com/mkKZJZaVP7— Titan of Crypto (@Washigorira) June 17, 2023
He also posted a chart showing that Bitcoin broke out of the downtrend line and managed to break above the Tenkan line (a short-term moving average).
He said that this is another sign of Bitcoin's breakout point and that a potential bull flag formation could emerge in the coming months. A bull flag is a continuation pattern that indicates that the uptrend paused before turning higher again. He claimed that if this pattern is realized, the target will be $49k.
He also stated that the next level to watch is the Kijun line (long-term moving average) around $26.6k, which could act as a resistance or support depending on whether Bitcoin breaks above or below it.
*Not investment advice.
