Bitcoin (BTC) is striving to break past the $70,000 resistance, as crypto analyst CryptoCon suggests chart patterns indicate a new all-time high soon. Utilizing an indicator called “Magic Bands,” CryptoCon shared his Bitcoin price prediction in a post on July 20. The Magic Bands indicator reveals crucial levels that Bitcoin has historically adhered to across various market cycles.
Could Bitcoin Surpass $90,000?
The Magic Bands chart includes several pivotal levels, such as the Cycle 4 lower band (level 0.25), level 0.75, level 1, level 1.5, level 2, level 2.5, level 3, and the cycle upper band. These levels are significant price regions that Bitcoin interacts with during different market cycles. In past cycles, these support levels have given strong indications for Bitcoin’s price trajectory.
Recently, Bitcoin bounced significantly from level 2 of the Magic Bands, mirroring behavior seen in previous primary band retests. The current bounce’s importance was highlighted by the analyst, suggesting it could propel Bitcoin to a new all-time high above $90,000.
What Is the New Upper Target?
CryptoCon stated, “Bitcoin made an excellent bounce from level 2 of the Magic Bands, similar to past primary band tests. It is awaiting just one significant breakout, corresponding to a move to level 3 at $92,908. The Magic Bands’ accuracy remains impressive.” The current analysis indicates Bitcoin rebounded from “Level 2” around $55,431 and is now aiming for “Level 3,” projected above $90,000.
Key Takeaways for Investors
- Current bounce from Magic Bands’ level 2 signifies strong support.
- Bitcoin’s next target is around $90,000 (level 3).
- Upper cycle target set at $125,916.
- Confirmation of the “Three Inside Up” pattern could signal a bullish reversal.
Looking ahead, the upper target for the cycle is pegged at $125,916, expected to rise further. Should Bitcoin continue its historical pattern according to the Magic Bands, new all-time highs are likely. Investors are keenly observing Bitcoin’s attempt to overcome the $70,000 resistance, potentially setting a new milestone.
Another analyst, Stockmoney Lizards, noted that Bitcoin is forming a “Three Inside Up” pattern on its weekly chart, a strong bullish reversal signal. This pattern involves a large bearish candle, a smaller bullish candle within the first candle’s range, and a final candle closing above 50% of the first candle. If confirmed, this pattern could herald a new bullish trend, enhancing positive market sentiment.