While Bitcoin has been consolidating between $29,000 and $30,000 lately, some analysts say that a drop in BTC may come, while some analysts say that technical indicators point to a rise.
One of the analysts expecting a rise was the one who goes by the nickname Trader Tardigrade.
Stating that BTC's current movements at this point are similar to those in September and October 2020, the analyst said that the MACD indicator points to a big bull run for BTC in the coming months.
Accordingly, stating that the Bitcoin MACD indicator is now showing the same movement as in September and October 2020, the analyst pointed out that BTC experienced a rally after September-October 2020.
“The Bitcoin MACD indicator behaves the same as September/October 2020.
The MACD indicator now bends after breaking above zero.
Looking at BTC MACD movements after September/October 2020, Bitcoin entered a major bull run towards ATH in the next six months.”
#Bitcoin MACD behaves the same as Sep/Oct 2020. The MACD and Signal line are now twisting after MACD turning head up and passing above zero.$BTC then entered a massive BULL run to #ATH in the next half year.#BTC #Crypto pic.twitter.com/fsyccj5dYJ
— Trader Tardigrade (@TATrader_Alan) August 14, 2023
According to the chart shared by the analyst, if Bitcoin experiences a bull like it did after September-October 2020, this means that BTC will rise to $ 145,000. This means a new ATH for BTC.
Bitcoin is at $29,400 at the time of writing.
*Not investment advice.
