Bitcoin may be on the verge of one of the most significant rallies in its history. Analyst Danny Marques believes the largest cryptocurrency is gradually approaching the final and strongest phase of its long-term cycle.
The Seven-Year Trend of Bitcoin
Danny Marques has been tracking Bitcoin's movement since 2017 and points out an interesting trend: for the past seven years, Bitcoin has been moving within a clearly defined rising channel.
Each major downturn, whether it was the 2018 crash, the COVID dip, or the 2022 bear market, touched the lower edge of this channel.
When Bitcoin peaked, such as in 2017 at $20,000 and in 2021 at $69,000, it hit the upper line of the same channel.
The Start of the Final Leg?
In 2024, when Bitcoin broke above its previous all-time high of $69,000, a clear breakout signal was registered. According to Marques, every time BTC broke above a major level in the past, a significant rally followed:
* In 2017, a breakout above $1,200 led to $20,000. * In 2020, a breakout above $20,000 ended at $69,000. * Now in 2024, a breakout above $69,000 is ongoing.
If we see a similar move to the 2020 cycle (a 418% jump), Bitcoin could reach around $288,000.
Bullish Technical Indicators
Moreover, technical indicators like the monthly RSI suggest that Bitcoin still has room to grow. In past peaks, RSI neared 90-98, while now it is around 69, indicating we may still be early in this cycle.
A key tool known as the TABI indicator also highlights that we are still in the early expansion phase.
All signs point to one thing: Bitcoin may be on its way to a significant price discovery phase, with targets ranging from $197,000 to $370,000.
Experts' forecasts indicate that Bitcoin may experience significant growth levels in the near future. The intriguing dynamics of its price movement could attract the attention of both investors and analysts.
