Analyst Foresees Major Breakout For Bitcoin, Rally On The Horizon?

In the rapidly shifting landscape of cryptocurrency, crypto analyst Mags has made a compelling prediction for Bitcoin (BTC), noting that the crypto asset is gearing up for a major breakout on the upside. 

This upcoming spike forecasted by Mags could propel BTC to unprecedented heights and result in substantial gains. His prognosis shed light on market circumstances and technical patterns that support this bullish breakout.

Bitcoin Price Poised For Massive Breakout

The price of Bitcoin, the largest cryptocurrency asset, is consolidating below $68,000 and has reached an intraday low of $67,147. However, Mags is confident that the digital asset could undergo a massive breakout, triggering significant gains in the upcoming months.

According to the analyst, BTC’s price has followed a similar path since the bottom of the cycle. He further pointed out 3 distinct patterns the asset is currently trending with. These include price consolidation inside a pattern (range, triangle), price breaking down to trap breakout traders, and price quickly reclaiming the pattern followed by an upside breakout.

Mags further pointed out that for several months Bitcoin has been stabilizing close to its all-time high of $73,000 recorded in mid-March, as indicated in his chart. This ultimately led to a fakeout period when demands for a drop to the $50,000 price mark or lesser were seen across the space.

The post read:

If you look at the chart below, the price has been consolidating for a few months near the ATH. We already saw a fakeout when everyone started calling for $50,000 or lower.

It is worth noting the crypto expert considers this consolidation as the last one before BTC undergoes a major move toward an upward trajectory, possibly to set a new all-time high.

The analyst previously claimed that this price action usually takes place in every cycle, prior to a massive breakout. At the time, Mags noted that BTC seemed to be emerging from the recent consolidation phase. 

This will be the final major consolidation before an upward surge, should this pattern continue. “The price has already reclaimed the range, and if the pattern repeats, we might see a massive breakout soon,” Mags added.

Breakout From The Re-Accumulation Range

Another crypto expert Ali Martinez has also spotlighted a potential breakout for BTC, particularly from the Re-Accumulation range. BTC was experiencing a retest at the Range of High Resistance, during the time of prediction.

As a result, Martinez anticipates a breakout from the current re-accumulation range. “Historically, Bitcoin has never been ready to breakout from a Re-Accumulation Range this soon after the Halving,” he stated. It is important to note that Martinez anticipates a Parabolic phase for BTC following a breakout from this re-accumulation range 

At the time of writing, the coin was seeing a positive movement of 0.17% in the past day, trading at $67,864. Its daily trading volume has decreased by nearly 5%, while its market cap is up 0.15%.

Featured image from iStock, chart from Tradingview.com