Over the past week, Bitcoin price has displayed a notable bullish momentum. This comes after a prolonged consolidation phase during which the leading cryptocurrency remained stagnant below the $27,000 mark for an entire month.
However, with the recent breakout and the resurgence of bullish sentiment in the market, experts are now predicting a potential surge that could propel Bitcoin’s price above $30,000.
Bitcoin Price Bullish Momentum Continues
Technical analyst Gert Van Lagen highlights a significant breakout from a long-term descending channel, signifying the end of a corrective wave and paving the way for a parabolic surge in Wave 5.
Gert Van Lagen emphasizes the monumental breakout of a 2.25-year descending channel, marking the end of an expanded flat corrective wave 4.
The channel, determined by the green dots, has contained the ABC correction of wave 4. With wave five on the horizon, breaking 10% above the channel, around $30,000, is expected to trigger a parabolic surge.
Notably, Gert believes that wave 5, a “blow-off wave,” may exhibit steep growth, with the final impulse indicating a significant upward movement.
While the potential for further upside gains is promising, remaining aware of key considerations and potential invalidation points is crucial. In this context, paying attention to $13,800 would be essential, as the invalidation point lies when wave four falls below wave 1.
Bitcoin-Gold Ratio Indicator
Prominent figures in the crypto analytics industry, the co-founders of Glassnode, have expressed their belief in Bitcoin’s potential to reach six figures. Drawing attention to the BTC-Gold ratio, they suggest that Bitcoin could rise to approximately 98 times the price of Gold.
The BTC-Gold ratio serves as a critical metric for understanding the relative performance and value of Bitcoin compared to Gold. Analyzing this ratio, the Glassnode analysts note several positive indicators suggesting a Bitcoin price surge.
The rising RSI (Relative Strength Index) and its position above 50 indicate increasing buying pressure and positive momentum. Additionally, the bullish MACD (Moving Average Convergence Divergence) crossover and a rising trend reinforce the bullish sentiment surrounding Bitcoin.
Click Here to Read the Full Original Article at NewsBTC…
