Bitcoin (BTC) has the potential for significant gains as a result of a trend line breakout, according to a prominent trader’s analysis. The Titan of Crypto site detected a rare bullish signal on the Bollinger Bands gauge for the cryptocurrency’s monthly chart, with the potential for an “inexorable breakout.” The Bollinger Bands gauge analyzes volatility, with the upper and lower bands flanking a midline based on a 20-period simple moving average. The monthly BTC/USD chart is shown as breaking above the moving average line, leading to a clear repeat of past bull runs. The target price could reach a solid $63,500, although the timing of such a move remains uncertain. Bitcoin’s upside mostly lies ahead as its block subsidy halving approaches.
On daily timeframes, BTC/USD is retesting its SMA line as support, having broken through to the upper band. The article reflects that the market’s sentiment across various timeframes is indecisive, however, the overall consensus is that BTC’s upside mainly lies ahead with the upcoming block subsidy halving.
The article highlights that this post is not intended to provide investment advice, and readers should conduct their own research before investing in BTC.