Crypto analyst Titan of Crypto has highlighted a bullish indicator on the Bitcoin chart. The analyst also revealed what happened the last time this pattern formed, suggesting that the leading crypto could enjoy a significant price rally soon enough.
A bullish indicator, known as the Golden Cross, has recently formed on Bitcoin's 2-month chart, as highlighted by crypto analyst Titan of Crypto. The last time this pattern emerged on the 2-month chart, Bitcoin experienced a "massive" rally.
According to the chart shared by the analyst, this occurred in 2021, when Bitcoin rose from around $13,000 to above $60,000.
While the outcome this time remains uncertain, a significant rally is overdue for the leading crypto, given that its price has largely stagnated since reaching a new all-time high (ATH) of $73,000 in March.
In a separate post, Titan of Crypto expressed optimism about a major Bitcoin rally beginning in October. The crypto analyst pointed out how the historically bearish September typically sets the stage for risk assets like Bitcoin and US stocks to experience a strong rebound at the end of the year.
Despite calls suggesting that Bitcoin is now in a downtrend, Titan of Crypto remains bullish on the crypto's outlook. According to the analyst, Bitcoin is still bullish on the monthly timeframe and remains bullish as long as it holds above the Tenkan line at $49,900.
To reach a new ATH in this market cycle, the flagship crypto needs to break above $71,000, based on the chart shared by the analyst. Notably, the crypto analyst had earlier predicted that the flagship crypto could reach a market high of $120,000 by 2025.
Another crypto analyst, Rekt Capital, also expressed a similar sentiment, highlighting that October is the month to watch. According to the analyst, history suggests that Bitcoin should enjoy a breakout from the reaccumulation range in the next two weeks. However, the breakout is more likely to occur in October, adds the analyst.
October tends to be a strong month for the leading crypto, particularly in halving years like this one. A potential Bitcoin rally in October is expected to continue into November and December.
As highlighted by Rekt Capital, the crypto enjoyed three consecutive months of upside in the fourth quarter during the 2016 and 2020 halving years.
At the time of writing, Bitcoin is trading at around $57,700, up over 3% in the last 24 hours, according to data from CoinMarketCap.
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