Bitcoin continues to maintain its bullish momentum even after some corrections after breaking above $44,000. Despite the price having risen by almost $15,000 in 30 days, bullish sentiment has not diminished, especially among crypto analysts, who still expect more bullish moves from the cryptocurrency.
Bitcoin Breaks Bullish Megaphone Pattern
In a new analysiscrypto analyst TradingShot has pointed to a peculiar pattern that has breached the Bitcoin price. According to the analyst, the crypto broke above a very bullish megaphone pattern, something that has been keeping the price stagnant for a while.
As TradingShot explains, this megaphone pattern is important because it is the pattern that has held Bitcoin back since it first hit a local high on October 24. So a breakout of this pattern is understandably very bullish for the price.
Source: Tradingview.com
“The previous September – October bullish megaphone technically served as a consolidation belt before the price broke higher, delivering a peak of +31.86% from the megaphone’s last higher low and +40.50% from the first low,” said TradingShot.
Breaking the megaphone pattern suggests even more benefits lie ahead. If things go as expected, the crypto analyst believes that the BTC price could make another move towards the $48,000 price target.
A likely path for BTC price
The next stop for Bitcoin would now be clearing the $45,000 resistance, which has remained elusive. However, this could soon be a problem of the past, according to TradingShot’s analysis, which suggests a breakout is on the horizon.
“The ROC shows a similar behavioral structure between the two patterns. If things continue like this, a new +31.50% leg will make perfect contact at 48220, which is the March 28, 2022 high,” the crypto analyst explained.
They further add that this is “essentially the first Lower High of the Bear Cycle and a key resistance level of the current Bull Cycle.” Given this: “Technically, as long as the 1D MA50 (blue trendline) holds (it has done so since September 28), that is a realistic end goal for this bullish wave.” TradingShot mentioned.
Another crypto analyst known as Tony The Bull appears to be following the same bullish trend. In an analysis on Wednesday, Tony reveals that “green TDST support in Bitcoin has not been broken since 2018.” As the analyst explains, the same primary bullish trend remains valid even now.
“IMO we are dealing with the same active primary trend, much more advanced and mature than anyone expects – hence we are already taking off while others are waiting for the halving,” Tony explained.
Note the green stair-stepping TDST support #Bitcoin hasn’t been broken since 2018
IMO we are dealing with the same active primary trend, much more advanced and mature than anyone expects – hence we are already taking off while others are waiting for the halving pic.twitter.com/Kga99uWSoy
— Tony “The Bull” (@tonythebullBTC) December 6, 2023
BTC bears start to gain dominance | Source: BTCUSD on Tradingview.com
Featured image from Publish0x, chart from Tradingview.com