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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.