As the cryptocurrency market embarks on a new week, the outlook for Bitcoin (BTC) does not appear particularly bright. However, certain formations are not only indicating a recovery for the pioneer of decentralized finance (DeFi) but also a potential rally that could continue over the next 18 months.
According to observations by crypto expert Trader Tardigrade, Bitcoin’s monthly chart has found support at the 50-period Relative Moving Average (RMA) and has gained strength from this support in addition to the parabolic SAR indicator. The anonymous analyst suggests that this could mark the beginning of a long 18-month bull run that may start this month and reach a peak of $220,000 by May 2025.
The parabolic SAR indicator consists of a series of dots placed either above or below the price bars, depending on the momentum of the asset. A dot below the price indicates an upward trend, while a dot above it signals a downward trend, and a change in the position of these dots can indicate a potential trend reversal.
Leading crypto expert PlanB points out the formation of a rising triangle continuation pattern on Bitcoin’s daily chart. This is another bullish chart formation that indicates an upward trend, allowing the price to consolidate and climb.
PlanB also highlights that the value of Bitcoin based on mining difficulty (hash rate) rose to $35,000 on November 26th, emphasizing that this is a critical threshold and the price will never fall below this level. According to current data, the BTC price has seen an increase of 1.39% in the last 24 hours, trading at $37,416. Meanwhile, the largest cryptocurrency’s trading volume has decreased by 7.59%, dropping to $16.73 billion.