A following cryptocurrency analyst believes Bitcoin (BTC) has finally gotten the green light to break out of its long period of decline.
Pseudonymous analyst Jack Sparrow told his 254,100 followers on social media platform X that it was clear that Bitcoin would rise above $62,800.
The trader has shared a chart that suggests Bitcoin will initially rise to $70,000, then briefly decline, before rallying towards an initial target of over $100,000.
“Please join us in praying… If we don’t fumble in the coming weeks and can finally break out, the target for the next bigger pause will be around $106,000.”
Based on the trader's charts, he appears to be predicting that Bitcoin will skyrocket to $142,000.
At the time of this writing, BTC is trading at $66,924.
Jack Sparrow isn't the only crypto strategist to say Bitcoin looks poised for a major breakout. Pentoshi, a pseudonymous trader, told his 806,200 followers on social media platform X that Bitcoin appears to be forming a weekly bottom pattern.
A rounded bottom structure suggests that the asset is poised for bullish price action as demand increases over time.
Pentoshi says.
“BTC
It's kind of hard to imagine this won't break a new ATH (all-time high) soon, but clearly I thought it was going to happen already and was wrong about the amount of time spent in this range. .
But this is very constructive for the new ATH, it has a rounded bottom and you can spend an awful lot of time here.
I hope those who have been patient will soon be rewarded. ”
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