According to a well-known crypto analyst, Bitcoin (BTC) is on the verge of breaking out of its prolonged consolidation phase.
Jack Sparrow, a pseudonymous analyst, informed his 254,100 followers on X that Bitcoin is ready to soar after surpassing $62,800.
He shared a chart indicating that Bitcoin could reach $70,000 initially, experience a slight dip, and then rally towards a target above $100,000.
“Let’s hope for the best… If we maintain this momentum and experience a breakout in the coming weeks, we could see a pause around $106,000.”
Based on Sparrow’s chart, he also predicts that Bitcoin could surge to $142,000.
As of now, BTC is trading at $66,924.
Jack Sparrow is not alone in his bullish outlook on Bitcoin. Another pseudonymous trader, Pentoshi, told his 806,200 X followers that Bitcoin seems to have formed a rounding bottom pattern on the weekly timeframe.
A rounding bottom pattern indicates that an asset is likely to experience bullish price movements as demand increases over time.
Pentoshi stated,
“BTC
It’s hard to imagine that we won’t see a new all-time high soon. I believed it would happen earlier, but this consolidation phase has been prolonged.
However, the setup looks very positive for a new all-time high, with the bottom rounding off and spending significant time at these levels.
I hope those who have been patient will be rewarded soon.”
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