Bitcoin (BTC) may be gearing up for its next parabolic move, possibly toward $130,000, if an analyst is correctly reading a multi-pronged surge in technical, macroeconomic, and geopolitical signals.
Bullish Breakout and Trade Deal
According to pseudonymous trader Doctor Profit, after months of struggling beneath a critical long-term resistance, the flagship cryptocurrency has finally broken above a trendline dating back to the 2021 all-time high, confirming a bullish breakout that he argues the market has yet to fully price in. In a detailed X post on July 28, Doctor Profit highlighted Bitcoin’s decisive monthly breakout above its multi-year diagonal resistance.
Price Analysis and Broader Market Trends
At the time of this writing, BTC was trading at $119,389, marking a modest 0.9% gain in the last 24 hours. However, its performance is more solid across longer time frames, gaining 11.3% in 30 days and 75.6% across the past year.
Conclusion
Thus, amidst technical signals and macroeconomic changes, such as an increase in the money supply, Bitcoin could be on the verge of a rally, as the current market sentiments remain optimistic.
The analysis of current factors indicates a potential Bitcoin rally, as technical and macroeconomic signals align in favor of increased value.
