Crypto analyst Titan of Crypto has identified a bullish indicator on the Bitcoin chart, revealing a potential for a significant price rally in the near future. The analyst pointed out that a Golden Cross has formed on Bitcoin’s 2-month chart. Historically, this pattern has preceded substantial rallies in Bitcoin’s price. According to Titan of Crypto, the last occurrence of this pattern was in 2021, when Bitcoin surged from approximately $13,000 to over $60,000.
This development comes as Bitcoin’s price has been stagnant since reaching a new all-time high of $73,000 in March earlier this year. In another post, Titan of Crypto suggested that the anticipated rally could commence in October. He noted that the typically bearish month of September often sets the stage for risk assets like Bitcoin to experience significant upward movement towards the end of the year.
Titan of Crypto maintains a positive outlook for Bitcoin, despite speculation that it has entered a downtrend. He emphasized that Bitcoin remains bullish on a monthly timeframe and is still holding its Tenkan line at $49,900. He asserted that as long as Bitcoin stays above this line, its bullish outlook is intact. According to the shared chart, Bitcoin needs to break through $71,000 to achieve a new all-time high during this market cycle. The analyst has previously predicted that Bitcoin could reach as high as $120,000 by 2025.
Echoing this sentiment, another crypto analyst, Rekt Capital, also suggested that October could be a pivotal month for Bitcoin. He noted that historical data indicates Bitcoin often enjoys a breakout from its reaccumulation range in October, particularly in halving years like the current one. Rekt Capital pointed out that Bitcoin has typically seen three consecutive months of price increases in the fourth quarter during previous halving years like 2016 and 2020.
At the time of writing, Bitcoin is trading around $57,700, marking an increase of over 3% in the last 24 hours, based on data from CoinMarketCap.
