bitcoin‘s price action over the past week may have dashed the high hopes of many enthusiasts, but this has not stopped bullish projections for the leading cryptocurrency. crypto experts continue to posit theories as to why and how btc is preparing for another bullish trajectory soon.
The most recent bitcoin price prediction comes from a prominent cryptocurrency trader and analyst who goes by the pseudonym Mags on the X platform (formerly Twitter).
Can this bitcoin price history be repeated?
On Sunday, October 15, Mags shared his bitcoin analysis via a post on X, suggesting an imminent price rally for the leading cryptocurrency. The crypto analyst’s btc price prediction revolves around the Moving Average Convergence Divergence (MACD) technical indicator.
Source: Mags/X
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According to the chart highlighted in the post, bitcoin‘s MACD has seen a bullish crossover from below the zero line. And according to Mags’ analysis, this is the second time this has happened on the bitcoin price chart.
The first time the MACD bullish crossover occurred was in 2016. Following the highlighted chart, this crossover triggered a major bull run for bitcoin, which saw the price of btc rise as high as $20,000 in the following year.
Mags’ analysis suggests that, assuming past trends continue, the price of bitcoin may rise to $200,000 by mid-2025. However, the analyst noted that the moving average convergence and divergence indicator indicates a change of long-term trend. Magazines added:
Short-term fluctuations are normal. Prices could move sideways or even decline slightly in the LTF (Lower Time Frame) before the Bull Run begins.
btc price in the short term
As previously hinted, bitcoin price struggled to maintain its newly gained momentum over the past week, leading to the leading cryptocurrency falling to $26,500 for the first time in O.October. According to data from CoinGecko, bitcoin is trading at $26,890 with a sideways movement in the last day. However, the btc price saw a 3.7% drop in the weekly period.
For the moment, bitcoin continues to grapple with several external forces, including macroeconomic components, mainstream adoption, and regulatory developments such as the approval of a spot exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). ).
Recently, the SEC opted not to challenge the Grayscale ETF’s decision, sparking talk of the imminent launch of a bitcoin spot exchange-traded fund. Following this positive development, btc has regained some of the lost momentum, although it appears to be struggling to regain the $27,000 mark.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Price-Prediction-Analyst-Says-This-Crossover-Technical-Indicator-Hints" alt="bitcoin price” width=”2174″ height=”1442″/>
bitcoin price hovering around $27,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
