On 24 July 2024, popular pseudonymous crypto analyst “Mikybull Crypto” shared insights on Bitcoin (BTC) via posts on X (formerly Twitter). He explained some technical indicators and predicted potential price movements, making it accessible for those unfamiliar with advanced trading concepts.
In his first post, the analyst shared a chart showing Bitcoin’s price along with a technical indicator called the hash ribbon. This indicator helps analyze Bitcoin’s mining activity and market cycles.
Key Points from the Chart:
- Hash Ribbon ‘Buy’ Signal: This signal suggests that Bitcoin miners are no longer selling their coins at a loss. Historically, this has led to significant price increases.
- Wyckoff Re-Accumulation: The chart shows a pattern where Bitcoin’s price consolidates (or moves sideways) before rising sharply. This is typical in strong bull markets.
- Important Levels: Bitcoin’s price is around $65,901.62, with important resistance levels (points where the price might struggle to go higher) at $74,000 and $78,000.
- Spring Phase: The ‘Spring’ phase on the chart indicates a final dip before the price jumps up, which is part of the Wyckoff pattern.
In his second post, Mikybull Crypto reinforced his bullish (positive) outlook for Bitcoin, predicting a significant rally.
Key Points from the Chart:
- Historical Patterns: The chart shows past instances of the hash ribbon ‘Buy’ signal, such as on 15 January 2023 and 9 August 2023, both followed by substantial price increases.
- Potential Targets: Based on historical patterns, Mikybull Crypto believes Bitcoin could reach $100,000 and possibly higher, up to $130,000.
- Current Price Action: The chart indicates that if Bitcoin reclaims $62,000 as a support level (a point where the price tends to stop falling and start rising), it could move past $70,000.
Featured Image via Pixabay
