In recent days, Bitcoin [BTC] has come close to reaching $62k. Although this increase may seem minor, it potentially signals the beginning of a new bull rally.

Is Bitcoin's history repeating?

Recently, Bitcoin has been quietly nearing $62k. Analyst Mister Crypto observed similarities with the year 2023, when BTC was initially in a consolidation phase, followed by a sharp decline. It is likely that the same trend is unfolding now, which may soon lead to a new rally.

What to expect from Bitcoin?

Recent on-chain analysis of Bitcoin indicates a potential price rise. BTC miners appear willing to hold onto their assets, as evidenced by the green Miners’ Position Index. In addition, low movements by long-term holders suggest a motive to hold onto their coins. However, the aSORP metric looks bearish, indicating that investors are selling at a profit.

Technical indicators and forecasts

Despite positive metrics, BTC’s chart shows a bearish crossover on the MACD, suggesting a possible price drop, and if this occurs, BTC might fall to its support at $54k.

Bitcoin's rise to $62k could signal a new phase of increase or an end of the current trend. Despite positive technical indicators, investors should be aware of warning signals and potential declines.