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Market analysts are optimistic about further uptrends for Bitcoin as recent trends and bullish signals emerge.
Yesterday, following the $68,375 peak, Bitcoin briefly dipped to the $66K region but rebounded shortly after. While it closed the day in the $67K range, it has retested the $68K level again today.
Amid Bitcoin’s current position, concerns are growing about whether it can surpass the $70K mark or face resistance and significant retracement, as seen consistently in recent months.
Bitcoin’s Weekly MACD Flashes Bull Signal
In a post on X today, analyst Jelle examined Bitcoin’s weekly timeframe and issued a bullish signal for further price gains. Specifically, Jelle noted that Bitcoin’s weekly MACD is on the verge of crossing bullish again, similar to what occurred last October just before Bitcoin surged past $73,000 five months later.
Jelle provided a chart illustrating that the Bitcoin weekly MACD is set to “reset,” reminiscent of the last quarter of 2023, which marked the beginning of the current bull market.
Although Bitcoin has been in a bearish trend since reaching its all-time high, Jelle’s analysis suggests it is primed for another upward move.
Analyst “TheoTrader” also expressed a bullish stance on Bitcoin in a separate analysis, focusing on the monthly timeframe. He remarked on how “undeniably bullish” the monthly trends are shaping up, noting that Bitcoin had dipped into the $50k range leaving only wicks behind.
According to him, the firstborn crypto is now moving toward new highs.
Analysts Urge for Caution on Bitcoin’s Current Position
Meanwhile, other market watchers are urging caution regarding Bitcoin. Market commentator “Tender Market Research” countered Jelle’s bullish perspective, pointing out that MACD indicators are lagging and often signal the end of trends.
Tender also noted that Bitcoin would have reached new highs during the Fed’s significant rate cut last September if it were truly bullish.
Notably, the rate cut occurred precisely a month ago and laid the groundwork for a bullish crypto market. In particular, Bitcoin has advanced from $57,628 to $68,370 since then.
However, Tender emphasized that Bitcoin needs substantial stimulus to push higher, especially since it hasn’t responded strongly to recent rate cuts. He noted that global tensions, ongoing conflicts, and risk-off sentiments are all factors that weigh heavily on Bitcoin at the moment.
In conclusion, Tender stated that the market is still in a consolidation phase, which may persist for a while. He advised traders to plan accordingly in this context.
Notably, this cautious view is also shared by veteran analysts Peter Brandt and Raoul Pal.