Bitcoin [BTC] has been steadily edging towards the $62k milestone in recent days. While this progress may not appear significant at first glance, it could signal the start of a new bullish surge.
Is Bitcoin Set to Mirror Past Trends?
Earlier reports from CryptoCryptro had noted Bitcoin’s consolidation and gradual climb towards $62k, accompanied by increasing buying pressure that typically drives up prices.
Currently, the flagship cryptocurrency is trading at $61,865.46, with recent analysis indicating a resemblance to a historical pattern.
Crypto analyst Mister Crypto recently drew attention to a parallel between the current scenario and a phase observed in 2023 when Bitcoin underwent consolidation followed by a drop.
Observing this similarity, a potential scenario emerges. If history indeed repeats itself, the stage may be set for Bitcoin to kickstart a bullish trend in the days ahead.
Additionally, another notable crypto analyst, Titan Of Crypto, shared an intriguing finding via Twitter. The post highlighted Bitcoin’s rebound from the Gaussian Channel.
For those unfamiliar, the Gaussian Channel Indicator serves as a tool for technical analysis, aiding traders in spotting price trends and potential trading prospects.
Historically, past instances of such rebounds have led to price rallies for BTC. Hence, the current rebound could pave the way for a similar outcome.
Anticipated Bitcoin Movements
Further scrutinizing the on-chain data of Bitcoin, CryptoCrypto delved into whether these metrics collectively hint at an impending price surge. Analysis revealed that BTC miners exhibited a willingness to retain their holdings.
This inclination was evident from Bitcoin’s positive Miners’ Position Index.
Moreover, the Binary CDD also showed a positive outlook, indicating that the recent movements of long-term holders were below average, indicating a preference for holding onto their assets.
However, a bearish tone was detected in the coin’s aSORP metric, signaling that more investors were selling for profit. In a bull market, this trend could signify nearing a market peak.
Lastly, closer examination of Bitcoin’s daily chart revealed a potentially concerning development. Despite the favorable metrics discussed earlier, BTC’s MACD technical indicator displayed a bearish crossover, hinting at a possible price decline.
If this scenario unfolds, Bitcoin might retrace to its support level at $54k in the near future.