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Two bullish megaphone patterns have formed on the daily chart of bitcoin BTC $78,540.85 Bitcoin 1.14% Market capitalization $1.58 trillion VOL. 24 hours $1.26 billion , which may indicate that it is preparing for new historical highs. The first of them appeared on July 11: the lower trend line is at $ 108,000, and the upper one is around $ 124,900, which corresponds to the last record high of the BTC price. If this mark is broken through, it could open the way to $ 144,200.
The second «megaphone» has been forming for the past 280 days, according to an analyst with the nickname Galaxy. The nearest resistance level is located at $ 125,000. Overcoming it, according to the expert, can launch a further rally with a target of $ 206,800.
Crypto influencer Faisal Baig recorded a similar pattern on the weekly timeframe. He believes that this gives grounds to predict an even more ambitious goal for bitcoin — $ 260,000. According to him, «the next stage of growth is inevitable.»
Despite the optimistic signals, the market recently experienced a correction that scared short-term investors. Those who held BTC for less than 155 days sold the asset en masse at a loss. During the pullback to $ 109,000, the MVRV indicator entered the oversold zone for the first time since April. At that time, after falling to $ 74,000, bitcoin grew by 51%.
According to analyst Frank, the current MVRV indicators indicate the potential for recovery. Currently, bitcoin is trading at $ 110,457, down 1.8% over the past day. At the same time, other researchers, including 10x Research, have previously called the chances of BTC rising to $ 200,000 «extremely low.»