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Bitcoin ($BTC) is expected to end its price consolidation period as it has entered a mega bullish territory on its price chart. In addition, expert analysis suggests that it is likely that a new all-time high ($ATH) is in the cards for the largest cryptocurrency on the market. Strong signals have emerged as traders eye a potential bull run for $BTC.
Renowned trader and market analyst Jelle has predicted a new $ATH for Bitcoin. Earlier today, the analyst tweeted that the $BTC price is still trading inside the megaphone structure, which lies right above the weekly support level. Seeing this structure on the price chart, Jelle predicted that $BTC is likely to end the year on a high note and hit the $90,000 level.
Bitcoin’s new all-time high scenario
The megaphone structure is a crucial indicator used to analyze the market movements of assets. Also known as an inverted symmetrical triangle, it appears on a price chart when diverging lines form in a period of increased volatility. While this structure typically implies increasing uncertainty among traders, it hints toward a possible trend reversal.
In the case of the $BTC price, it has been trading sideways in recent times. Recently, it faced rejection at the $63,000 price range. However, the formation of the megaphone structure indicates that a reversal is cooking, and Bitcoin may break out of this consolidation period to trigger a price rally.
Meanwhile, $BTC is currently trading at $59,547.71. It has faced a minor dip of 0.2% in the last 24 hours as the consolidation period remains intact for now. The daily trading volume of the coin has also dropped 1.44% to $33.4 billion. However, the formation of the megaphone pattern has injected optimism into the market as traders anticipate a major trend reversal from $BTC.