The Bitcoin bull flag joined the MACD to tease a new BTC price next
Bitcoin (BTC) may be poised to repeat its highs since March, on-chain analysis suggests.
In a June 2nd post on X (formerly Twitter), prominent trader and analyst Alan Tardigrade drew a key comparison between BTC price action between now and mid-February.
Bitcoin's on-chain metric has reached an all-time high
Bitcoin needed less than a month to hit new all-time highs earlier this year when the on-chain indicator flashed green.
Now, a similar setup is underway – with clear implications for BTC price strength.
“Coincidence or price action??” Tardigrade asked as he presented the scene.
“Bull Flag and MACD Bullish Cross at the same time. After the bull flag is raised, $BTC rises.
The indicator in question is moving average converging divergence (MACD). On a three-day time frame, the MACD, which measures trend strength, is building positive bars after the “red” period that began in early April.
At the same time, BTC/USD is consolidating in a bullish flag – and last time it went up with a green MACD, new all-time highs are a matter of weeks away.
The three-day MACD has been on the radar for market watchers tracking the current Bitcoin bull market.
In late December, data from Cointelegraph Markets Pro and TradingView confirmed that a move into “red” territory was preceded by a flurry of Bitcoin exchange-traded funds, or ETFs, in the United States.
Never mind BTC price consolidation
Tardigrade adds various comments on the current side BTC price landscape.
RELATED: Bitcoin Had Its Best May Since 2019 Despite ‘Hunter' 3% BTC Price Drop
Consolidating now three months below its March high, Bitcoin, some warn, will continue to remain in range for weeks or more.
That hasn't stopped sky-high BTC from reversing price predictions, among them a $150,000 target for 2024 by research firm Fundstrat Global Advisors.
In June, meanwhile, traders will see $85,000 or more.
However, consensus agrees that the bull run has yet to enter its most “parabolic” phase.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
