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A week after its last attempt to reclaim the $100,000 barrier, Bitcoin (BTC) continues moving within its local range. Following its recent performance, some analysts consider that BTC could be near a breakout and a massive rally toward a new high.
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Bitcoin Ready For A Breakout Or a Breakdown?
Amid the market volatility, Bitcoin has found price stability, staying within the mid-zone of its post-election breakout level. During the recent 12% correction, BTC saw its price retest the range lows as support, bouncing toward the $100,000 barrier.
However, it failed to regain this zone as support and continued its sideways move within this range. Over the last week, the flagship crypto has hovered between $94,000 and $98,000, incapable of holding the $99,000 mark since late January.
Crypto trader EliZ noted that Bitcoin has been within this “mini range” for nearly two weeks, suggesting that the cryptocurrency is poised for “a big move” out of this consolidation zone. He cautioned investors that the direction the flagship crypto could take “is almost impossible to predict.”
It is worth noting that market sentiment has recently divided, as Bitcoin’s price action doesn’t seem to reflect bullish news. A Nansem analyst suggested that the market appears momentarily satiated and more “reactive to negative sentiment than positive news.”
Ali Martinez said Bitcoin looks “primed for a breakout,” highlighting an almost two-week symmetrical triangle in BTC’s chart. After the recent price performance, the cryptocurrency tested the pattern’s upper trendline, suggesting another retest could be near.
Nonetheless, the analyst stated that a confirmation of the breakout will be key before the next BTC move.
BTC Price Eyes $150,000 Cycle Top
Crypto Jelle also considers that Bitcoin is preparing to start its next leg up. BTC’s “explosive moves generally kick off after the first price-discovery consolidation is completed,” which, according to other analysts, it has.
Rekt Capital has stated that Bitcoin is about to embark on its second price discovery uptrend, as BTC has completed the first price-discovery correction of its post-halving parabolic phase.
According to Jelle’s X post, Bitcoin gained 577% in 133 days in 2017, while it recorded a 70% increase in 56 days in 2021. Moreover, he pointed out another signal that could shed some light on BTC’s top this cycle. The analyst affirmed, “Bitcoin crossing above its 2-year MA multiplier has historically been a great top signal.”
Bitcoin topped after crossing above the 5X multiplier in the first two cycles. Meanwhile, it didn’t hit last cycle’s top until “tagging the 5x multiplier – well above the 4x multiplier,” suggesting that a diminishing trend could be forming.
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However, Jelle affirms that even if BTC’s price only hits the 3x multiplier this cycle, the price is still poised for a significant rise. According to the chart, the potential multiplier for the cycle targets the $152,000 mark.
As of this writing, Bitcoin trades at $98,243, a 1.7% increase on the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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