Bitcoin could be preparing to repeat its ascent to all-time highs from March, on-chain analysis shows.
In a post on X (formerly Twitter) on June 2, popular trader and commentator Alan Tardigrade drew a key comparison to BTC price action now and in mid-February.
Bitcoin on-chain metric echoes run-up to all-time high
Bitcoin needed less than a month to hit new all-time highs earlier this year when a classic on-chain indicator flashed green.
Now, the same setup is in the process of executing — with clear implications for BTC price strength.
“Coincidence or Price action??” Tardigrade queried while presenting the phenomenon.
“Bull Flag and MACD Bullish Cross at the same time. After a breakout to the Bull Flag, $BTC will surge higher.”
BTC/USD 3-day chart with MACD data. Source: Alan Tardigrade/X
The metric in question is moving average convergence divergence (MACD). On three-day timeframes, MACD, which measures trend strength, is busy building positive bars after a “red” period, which began in early April.
At the same time, BTC/USD Is consolidating within a bull flag — and last time it exited to the upside along with green MACD, new all-time highs required a matter of weeks.
Three-day MACD has long been on the radar for market observers tracking the current Bitcoin bull market.
In late December, data from Cointelegraph Markets Pro and TradingView confirms, a trip back into “red” territory preceded the turbulence around the debut of the United States’ spot Bitcoin exchange-traded funds, or ETFs.
BTC/USD 3-day chart with MACD data. Source: TradingView
Never mind the BTC price consolidation
Tardigrade adds to the varied opinions over the current sideways BTC price landscape.
Now consolidating below the March highs for nearly three months, Bitcoin, some warn, will continue to stay rangebound for weeks or more.
That has not stopped sky-high BTC price predictions from making a return, among them a $150,000 target for 2024 by research firm Fundstrat Global Advisors.
June, meanwhile, has traders eyeing $85,000 or more.
Source: Mikybull Crypto
Consensus nonetheless agrees that the most “parabolic” stage of the bull run has not yet entered.
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