Bitcoin Metrics Signal $60.6K as Key Bullish Target

Bitcoin is showing signs that an upward price phase might be imminent, according to two popular trading tools.

Source:news.bitcoin.com

As of August 18, Bitcoin aimed to reclaim the $60,000 mark in the weekly close with strong price action observed during off hours.

The Ichimoku Crossover Is Generating Bullish Signals For Bitcoin's Price

Data from showed new local highs of $60,271 for Bitcoin on the day. Despite a lack of traditional market traders, BTC/USD gradually increased over the weekend, with price indicators suggesting further potential gains. Popular trader Titan of Crypto highlighted a key bullish signal on the Ichimoku cloud in daily timeframes, pointing to a significant crossover that could set Bitcoin up for an upward move. BTC just closed a candle above the Tenkan line and is now targeting a Kijun reclaim, he mentioned in his commentary on X.

Titan of Crypto also noted the classic TK crossover on the Ichimoku chart, which traders view as a sign of a potential upside breakout. Additionally, the moving average convergence/divergence (MACD) indicator showed a bullish cross, signaling possible buy opportunities. Fellow trader Alan Tardigrade echoed the sentiment, stating that BTC has a very high chance of pumping again SOON in his own post.

Bitcoin's Parabolic Phase Remains Active

Popular trader and analyst Rekt Capital emphasized that $60,600 is now the crucial level for bulls to secure by the weekly close. Achieving this would restore Bitcoin to its post halving reaccumulation range, which was lost during the recent dip to six month lows in August. It would also mark the end of its downside deviation bargain period below the ReAccumulation Range orange circle, trader noted, accompanied by an explanatory chart. A subsequent post highlighted a countdown to a potentially more significant price growth phase, drawing on past cycles for reference.

Now, Bitcoin is approximately 125 days past its halving. Historically, it has been observed that Bitcoin tends to enter the Parabolic Phase of its market cycle around 160 days after such a halving, a point at which significant price increases often occur. This pattern has been noted in previous market cycles and was highlighted in a post that reaffirmed a theory previously discussed in July. Based on this historical trend, it is suggested that if the pattern holds true, Bitcoin could be just over a month away from a potential breakout, with late September being a likely timeframe for this significant upward movement.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.