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Despite a 2% fall in the past day, Bitcoin (BTC) has been under the spotlight again as experts signal the potential for a new all-time high.
Notably, Moustache, a renowned analyst on X, shared a detailed breakdown of Bitcoin’s monthly chart, identifying key buy signals that have historically led to price surges.
According to the analyst, there have only been three instances in the last eight years where a buy signal appeared. Each signal, he noted, preceded a new all-time high.
#Bitcoin
In the last 8 years there were only 3 times a buy signal in the monthly chart for $BTC and each time we saw a new ATH afterwards.
Not much time left.
The most exciting time is yet to come imo. pic.twitter.com/tkL9eiTFwn
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) September 16, 2024
Moustache pointed to three critical moments in Bitcoin’s price history, beginning with 2015 when a classic ABC correction occurred. Following this correction, a deviation from a declining trendline led to a buy signal, marking the beginning of a long-term bullish trend.
This initial signal, along with others in 2020 and a recently observed one in 2024, suggests that Bitcoin could soon see another surge.
Historical Buy Signals and Trends
The first buy signal in 2015 emerged after Bitcoin retested a critical deviation from its resistance level, establishing support and leading to significant gains in the years that followed.
Similarly, a second buy signal appeared in 2020 after Bitcoin recovered from the market downturn between 2018 and 2019. This buy signal led to one of Bitcoin’s most historic rallies, culminating in the all-time high of $69,000 in 2021.
Current analysis from Moustache highlights a similar retest in 2023 followed by a buy signal, with the expectation of a new all-time high.
Potential Breakout to $128K
In parallel, another analyst on X, CryptoJack, emphasized Bitcoin’s current position within a classic “cup and handle” structure. This pattern, often considered bullish, began with Bitcoin’s decline from its 2021 highs, followed by a recovery in late 2023, forming the rounded bottom of the cup.
The handle, representing the current consolidation phase, is expected to precede a breakout. According to CryptoJack’s analysis, Bitcoin is nearing the end of this consolidation phase, with a potential target price of $128,000 once the breakout occurs.
Skepticism Amid Optimism
Amid this optimism, long-time Bitcoin critic Peter Schiff has again voiced his skepticism. As Bitcoin fluctuated around $58,000, Schiff compared its performance to silver, which recently surpassed $31.
He highlighted silver’s rise, stating that Bitcoin’s failure to maintain its value contrasted with the ongoing success of precious metals, particularly gold. Schiff, a consistent Bitcoin critic, emphasized that Bitcoin’s decline could continue, casting doubt on the current bullish outlook presented by analysts.