A closely followed crypto analyst believes the lights are green for Bitcoin (BTC) to finally break out of its lengthy consolidation period.
Pseudonymous analyst Jack Sparrow tells his 254,100 followers on the social media platform X that Bitcoin is clear for take-off after moving above $62,800.
The trader shares a chart suggesting that Bitcoin will initially to $70,000 before a brief dip and a rally toward his first target above $100,000.
“Pray with me… If we don’t fizzle the next few weeks and finally get the breakout, the target for the next larger pause to start sits around $106,000.”
Based on the trader’s chart, he also seems to predict that Bitcoin will skyrocket to $142,000.
At time of writing, BTC is trading for $66,924.
Jack Sparrow is not the only crypto strategist who says Bitcoin looks poised for a massive breakout. Pseudonymous trader Pentoshi tells his 806,200 followers on the social media platform X that Bitcoin appears to have formed a rounding bottom pattern on the weekly time frame.
A rounding bottom structure suggests that an asset is primed for bullish price action as demand picks up over time.
Says Pentoshi,
“BTC
Kinda hard to imagine this doesn’t make a new ATH (all-time high) soon, obviously I thought it was already going to happen and was wrong on the time we would spend in this range.
But this looks really constructive for a new ATH, with the bottom rounding off and having so much time up here.
Hoping for those who have been patient that that is rewarded soon for you all.”
Generated Image: Midjourney