Bitcoin’s Monthly Candle Closes Above Key Support; Expert Foresees 178% Upside

The world’s most valuable cryptocurrency, Bitcoin (BTC), has been recording unimpressive market variables for some time now despite breaking above its former all-time high (ATH) to attain its current $73,737.94 peak price in March 2024.

According to Bitcoin’s price statistics on CoinGecko, the pioneer crypto asset is changing hands at about $67,557, having registered a 1.1% decline in the past 24 hours. The coin’s 7-day-to-date and 14-day-to-date indices revealed declines of about 1.8% and increments of roughly 1.1%, respectively, underscoring BTC’s stagnant outlook. 

Amid the unimpressive market readings, a crypto trader and analyst with the pseudonym “Mags” recently took to his official X account to highlight a consistent finding on the BTC price chart to his over 77.6K followers. Interestingly, Mags asserted that his recent discovery on the Bitcoin trading chart was a repeat of last year’s trend, which skyrocketed the flagship crypto asset price. 

Bitcoin Closes Above Key Support Level For Three Consecutive Months 

According to Mags’ post on X, Bitcoin has concluded another monthly candle above the support level for the third consecutive month.

#Bitcoin just closed another monthly candle above support

The price broke out above the last monthly resistance back in March and has now turned the level into support.

For the past few months, price has been going sideways above the previous ATH

In an uptrend, it’s normal… pic.twitter.com/QYdPybKJp5

— Mags (@thescalpingpro) June 1, 2024

Interestingly, the first time BTC broke above the $60,000 resistance level, which hindered its price expansion for a long time, preventing it from revisiting its former all-time high (ATH), was in March, eventually culminating in BTC orchestrating a rally that saw it attain its current $73,737.94. 

Consequently, BTC has converted the constraint to its new support, trading consistently above it since then, with implications of a potential bull run in sight once it concludes its consolidation phase. 

Don’t Miss: Market Alert: Bitcoin Gears Up for Potential Massive Breakout

Sideways Price Movements Preceding Previous BTC Price Surge 

Relating BTC’s present sideways price movements to the coin’s market actions in the previous year, Mags noted that the trend is a normal phenomenon preceding digital assets price surge in the crypto space. 

An extract from the crypto trader’s tweet read thus, “For the past few months, price has been going sideways above the previous ATH. In an uptrend, it’s normal for the price to move sideways before a big move.”

For context, between March 2023 and September 2023, BTC’s price was in a precarious state, trading below $30K for most of the period. However, according to Ted’s estimation, it gained maximum momentum during the late quarter of the year to appreciate by about 178%, underscoring his expectations from BTC in the coming months. 

Implications Of A 178% BTC Price Surge

Based on mathematical evaluation, a 178% upswing in BTC’s price would result in a new ATH valued at about $188,000 – a value that does not appear far-fetched, considering that it stemmed from the coin’s previous cycle. 

Meanwhile, while BTC’s price action indicated a dull outlook, the coin’s risk assessment analysis on Coincodex projected the coin in a pole position for a sudden price breakout. 

Notedly, Bitcoin appreciated by about 150% in the previous year, outperforming 62% of the 100 best-performing cryptocurrencies, including Ethereum, and is trading above its 200-day Simple Moving Average (SMA). 

The only risk associated with holding Bitcoin presently, according to Coincodex, is that the coin is overbought, implying that it boasts significant potential to decline spontaneously.  

Contrary to the claim above, a market expert in one of our previous news articles has asserted that BTC boasts a strong support above $66,000, adding that dropping below the mark would result in a new support at $60,000. 

Relating Coincodex’s assertion and the above expert analysis, it becomes relatively safe to anticipate BTC’s drop around the $60,000 region or even higher. 

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.