In the rapidly changing cryptocurrency landscape, crypto analyst Mags has done something fascinating forecast for Bitcoin (BTC), noting that the cryptocurrency is preparing for a major breakout.
This upcoming spike predicted by Mags could take BTC to unprecedented heights and result in significant gains. His predictions shed delicate on the market circumstances and technical patterns that support this bullish breakout.
Bitcoin price ready for a massive breakout
The Bitcoin price, the largest cryptocurrency asset, consolidates below $68,000 and hit an intraday low of $67,147. However, Mags is confident that this digital asset could see a massive breakout, driving significant gains in the coming months.
According to the analyst, the BTC price is following a similar path from the bottom of the cycle. He then identified 3 different patterns in which a given resource is currently trending. These include price consolidation within a pattern (range, triangle), price breakdown to trap breakout traders, and price quickly rebounding from the pattern followed by a breakout to the upside.
Mags further pointed out that Bitcoin has been stabilizing near its level for several months highest level of all time at $73,000, according to his chart recorded in mid-March. Ultimately, this led to a period of misinformation, with demands across the space to reduce the price to $50,000 or less.
The post said:
If you look at the chart below, the price has been consolidating around ATH for several months. We’ve seen fraud before when everyone started playing for $50,000 or less.
It is worth noting that a cryptocurrency expert considers this consolidation to be the last in history BTC is undergoing a sedate move towards an upward trajectory, perhaps with the goal of setting a fresh all-time high.
Analyst earlier taken over that this price action usually happens every cycle, before a massive breakout. At this time, Mags noted that BTC seemed to be emerging from its latest consolidation phase.
If this trend continues, it will be the last major consolidation before a surge. “The price has now regained range and if the pattern repeats, we could see a massive breakout soon,” Mags added.
Breakout from reaccumulation range
Another crypto expert, Ali Martinez, also did this awarded potential breakout for BTC, especially in the Reaccumulation range. At the time of the prediction, BTC was experiencing a retest in the high resistance range.
As a result, Martinez predicts a breakout from the current reaccumulation range. “Historically speaking, Bitcoin was never ready to break out of the re-accumulation range so soon after the halving,” he said. It is significant to note that Martinez predicts a parabolic phase for BTC after a breakout from the reaccumulation range
At the time of writing, the coin has seen a positive move of 0.17% over the past day to reach a price of $67,864. Daily trading volume fell by almost 5% and market capitalization increased by 0.15%.
Featured image from iStock, chart from Tradingview.com
