Crypto analysts believe that Bitcoin’s bullish trend may continue as long as crucial technical structures remain intact.
In a notable development, pseudonymous analyst Mags, writing on Twitter, argued that BTC is now consolidating at all-time highs, signaling another potential leg up.
Mags explained that in strong uptrends, healthy corrections often form range-bound structures known as rectangles, which can lead to similarly strong breakouts as seen in the past.
However, if this consolidation level is breached and fails to reclaim the previous high, it could signal a distribution forming that could lead to a deeper retracement.
Mags illustrated two possible scenarios in chart form: a break from consolidation leading to distribution and a bullish breakout. The bearish scenario suggests that Bitcoin could drop as low as $37,900, while the bullish one indicates a possible rally to $130,000 by mid-2025.
Another trader known as Trader Tardigrade laid out a bullish case for Bitcoin, suggesting that the cryptocurrency may never close below $56,000 again.
According to his analysis, Bitcoin has historically never closed below the monthly low set during its halving cycles. With the monthly candle low of the fourth halving cycle sitting at $56,000, Trader Tardigrade suggests that Bitcoin is likely to continue its upward trajectory from this level.
Although past performance does not guarantee future results, the analysts’ perspectives suggest that Bitcoin’s bullish momentum may continue as long as key technical structures remain intact and capital continues to flow into Bitcoin investment products.
