The resilience of Bitcoin was tested during a significant crash weeks ago, but the asset has proved itself, holding firm above the $60,000 mark.
Investors are now watching for the next major rally, with some analysts predicting that a new high is within reach. Among them, Milkybull Crypto remains optimistic, identifying a bullish technical pattern that suggests further gains could be on the horizon. Bitcoin appears poised to aim for $67,380, driven by positive technical signals.
Bull Flag Signals Potential Upside
One key signal is the bull flag pattern recently identified in Bitcoin’s price action. This formation typically occurs after an upward move and is seen as a bullish continuation signal. Bitcoin’s consolidation within this pattern suggests a pause before another leg higher. The pattern indicates that once the price breaks above the flag’s upper boundary, Bitcoin may surge further.
Moving averages support this outlook, adding to the bullish momentum. The golden cross, where the shorter-term moving average has moved above the longer-term moving average, is still holding strong. This signal continues to provide dynamic support at lower levels, reinforcing the possibility of additional gains.
Bitcoin needs to rally by approximately 5.58% from its current level of $63,817 to reach the $67,380 target. This projection continues to draw attention from traders, many of whom are optimistic that the bullish pattern will play out in the coming days or weeks.
Historical Trends Point to Bullish Q4
Looking ahead, historical trends provide further optimism for a strong rally. Co-founder of WeRate, Quinten François, points to Bitcoin’s impressive performance during the fourth quarter in previous years.
October, November, and December have often been marked by substantial gains, with Bitcoin posting an average increase of 22.9% in October alone. Notably, in 2017 and 2020, October saw Bitcoin rise by 47.81% and 27.7%, respectively, establishing this month as a recovery period following Q3 volatility.
November continues to show even stronger results, with an average gain of 46.81%, which is historically one of the best months for Bitcoin. December also contributes to Q4’s bullish reputation, with an average gain of 5.45%, continuing the upward momentum from November’s rally.
Updated Forecasts from Leading Analyst
Meanwhile, Henrik Zeberg, Head Macro Economist at Swissblock AG, maintains an optimistic forecast for Bitcoin despite the current market volatility. Per a Friday report, Zeberg revised his predictions, forecasting Bitcoin to reach a new peak between $115,000 and $120,000. These projections are part of a broader outlook that includes gains for other major indices like the S&P 500 and Nasdaq.
Zeberg’s forecasts reflect confidence in a blow-off top scenario, where euphoric market conditions could drive Bitcoin and other assets to unsustainable levels before a significant correction occurs.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
