Bitcoin’s post-halving price action projects a “six-figure value” per BTC as a popular technical indicator presents a bullish pattern for the world’s largest cryptocurrency.
Based on previous price action, Bitcoin’s (BTC) recent drop below $50,000 saw it trade under its “post-halving growth trajectory range,” according to crypto data provider Ecoinometrics.
“If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC,” they declared, setting ambitious targets for Bitcoin price.
“Well, assuming the same growth rate as the past three cycles, we would expect one BTC to be worth between $140,000 and $4,500,000 per coin, starting from $63,000.”Bitcoin growth rate trajectory after the fourth halving. Source: Ecoinometrics
From a technical point of view, anonymous Bitcoin analyst Rekt Capital argued that Bitcoin’s latest recovery above $60,000 had resulted in a significant change in trend.
“Bitcoin is trying to solidify this recently broken downtrending resistance (red) into a new trendline of support,” Rekt Capital said in an Aug. 12 post on X.
The analyst referred to BTC’s sharp recovery a few days after Bitcoin crashed to $49,577 on Aug. 5.
Rekt Capital explained that the price was retesting the support line, confirming “the end of the downtrend to precede trend continuation to the upside.”
“The key thing here is trend continuation.”BTC/USD daily chart. Source: Rekt Capital
The analyst reinforced the need for “strong buy-side volume” once Bitcoin price retests the downtrend line to initiate the uptrend.
The demand side volume may be triggered by the appearance of a bullish signal presented by the moving average convergence divergence indicator (MACD) on the daily chart, as Bitcoin analyst Exel Adler Jr. observed.
The MACD, a trend-following oscillating indicator that shows the relationship between two moving averages of an asset’s price, generates a bullish signal when it moves above its own nine-day EMA.
Adler Jr. shared a chart in an Aug. 13 post on X showing the MACD deep in the negative territory. The same scenario was…
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