Bitcoin experienced a similar crash in October 2023. Technical indicators have turned bearish against King Coin.
Bitcoin (BTC) has been quietly approaching the $62,000 level for the past few days. While this latest development may not seem massive, it could be the beginning of a new bull market.
Will Bitcoin repeat history?
AMBCryptro previously reported that Bitcoin is consolidating and is gradually approaching $62,000. Buying pressure on the coins also increased, often leading to price increases.
At the time of writing, King Coin was trading at $61,865.46. In addition to this, the latest analysis reveals that BTC is following historical trends.
Popular cryptocurrency analyst Mr. Crypto recently posted a tweet highlighting a similar trend seen in 2023. Last year, BTC was in a consolidation phase and then experienced a sharp decline.
According to the tweet, a similar scenario is now emerging. If history repeats itself, it would not be surprising if BTC starts a bull run within the next few days.
Source:X
Separately, another popular crypto analyst, Titan Of Crypto, posted a tweet revealing an interesting development. The tweet mentioned that Bitcoin bounced off a Gaussian channel.
First, the Gaussian Channel indicator is a technical analysis tool that helps traders identify price trends and potential trading opportunities.
Looking back, whenever such a pullback occurred, the price of BTC has always gone up. So there was a possibility this time as well.
Source:X
What you can expect from Bitcoin
AMBCrypto then evaluated King Coin’s on-chain data to better understand whether all of it points to a price increase. According to our analysis, BTC miners were motivated to hold the asset.
This was evident from the BTC Green Miner Position Index.
Binary CDD is also green, meaning that long-term holders have performed below average over the past 7 days. They have an incentive to hold on to their coins.
However, the coin’s asORP looked bearish. This indicator revealed that more investors are selling at a profit. During a bull market, it can indicate a market ceiling.
Source: CryptoQuant
Read the Bitcoin (BTC) price prediction for 2024-2025
Finally, let’s take a look at the daily chart of Bitcoin. Despite the positive indicators mentioned above, the BTC technical indicator MACD showed a bearish crossover. This suggested that investors could witness a price decline.
If this happens, BTC could quickly plummet back to the $54,000 support.
Source: TradingView
Next: Worldcoin gains momentum: Can WLD reach $2?
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