Bitcoin is preparing for explosive growth

The co-founders of crypto analytics company Glassnode believe that bitcoin BTC $56,425.26 Bitcoin -1.47% Market capitalization $1.11 trillion VOL. 24 hours $2.8 billion may be preparing for parabolic growth if it repeats a certain behavioral pattern observed earlier.

According to the experts, the main cryptocurrency is probably ready to repeat the pattern seen in the last two bull markets, as BTC is creating a bullish flag on the weekly chart:

«BTC has moved to the 6,618 Fibonacci extension after the bullish flag retracement. We are currently in a small correction like we saw in late 2017 and late 2020.

Will history repeat itself in 2024 — and BTC move to its 6,618 Fibonacci extension in this bull market? That would give us a target of ~$ 120,000. Time will tell!"

Glassnode’s co-founders are also optimistic about the stock:

«Following trends is a strong investment strategy! Ask yourself: «Why am I betting on bearish stocks in the current technical situation? The Nasdaq has just surpassed its previous all-time highs. It is above its three-month SMA [просту ковзну середню] and 12-month SMA. And the [його] three-month SMA is above the [його] 12-month SMA.

RSI (Relative Strength Index) is at 66 (strong momentum). The MACD (Moving Average Convergence Divergence) is bullish and rising. From a trend tracking perspective…, why should I expect a crash?"

At the time of writing, bitcoin is trading at $ 39,936 with a market capitalization of $ 783 billion. Traders made daily trading deals worth $ 30.8 billion. Bitcoin’s market dominance amounted to 50.4%.