A closely watched crypto analyst believes that the light is green and that Bitcoin (BTC) can finally break out of its long period of consolidation.
Pseudonymous analyst Jack Sparrow tells his 254,100 followers on social media platform X indicate Bitcoin is ready to take off after surging above $62,800.
The trader shares a chart that suggests Bitcoin will initially rise to $70,000 before a brief dip and rally towards its first target above $100,000.
“Pray with me… If we don’t run into trouble in the next few weeks and finally reach the breakout, the target for the next bigger break is around $106,000.”
Based on the trader’s chart, he also seems to predict that Bitcoin will skyrocket to $142,000.
At the time of writing, BTC is trading at $66,924.
Jack Sparrow isn’t the only crypto strategist who says Bitcoin appears poised for a massive breakout. Pseudonymous trader Pentoshi tells his 806,200 followers on social media platform X that Bitcoin appears to have formed a rounding pattern on the weekly time frame.
A structure with a rounded bottom suggests that an asset is primed for bullish price action as demand increases over time.
Says Pentoshi,
“BTC
It’s hard to imagine that this won’t soon set a new ATH (all-time high). I obviously thought this would already happen and was wrong about the time we would spend in this range.
But this looks very constructive for a new ATH, rounding out the bottom and having so much time here.
I hope for those who have been patient that it will soon be rewarded for all of you.”
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Generated image: Midjourney