dailyhodl.com
A closely followed crypto analyst believes the lights are green for Bitcoin ($BTC) to finally break out of its lengthy consolidation period.
Pseudonymous analyst Jack Sparrow tells his 254,100 followers on the social media platform X that Bitcoin is clear for take-off after moving above $62,800.
The trader shares a chart suggesting that Bitcoin will initially to $70,000 before a brief dip and a rally toward his first target above $100,000.
“Pray with me… If we don’t fizzle the next few weeks and finally get the breakout, the target for the next larger pause to start sits around $106,000.”
Based on the trader’s chart, he also seems to predict that Bitcoin will skyrocket to $142,000.
At time of writing, $BTC is trading for $66,924.
Jack Sparrow is not the only crypto strategist who says Bitcoin looks poised for a massive breakout. Pseudonymous trader Pentoshi tells his 806,200 followers on the social media platform X that Bitcoin appears to have formed a rounding bottom pattern on the weekly time frame.
A rounding bottom structure suggests that an asset is primed for bullish price action as demand picks up over time.
Says Pentoshi,
“$BTC
Kinda hard to imagine this doesn’t make a new $ATH (all-time high) soon, obviously I thought it was already going to happen and was wrong on the time we would spend in this range.
But this looks really constructive for a new $ATH, with the bottom rounding off and having so much time up here.
Hoping for those who have been patient that that is rewarded soon for you all.”
Generated Image: Midjourney