United

2024

Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) could be preparing to repeat its ascent to all-time highs from March, on-chain analysis shows.
In a <a href="https://x.com/TATrader_Alan/status/1797227897624867001/photo/1" target="_blank" rel="noopener noreferrer nofollow">post on X</a> (formerly Twitter) on June 2, popular trader and commentator Alan Tardigrade drew a key comparison to BTC price action now and in mid-February.
<h2 id="bitcoin-on-chain-metric-echoes-run-up-to-all-time-high">Bitcoin on-chain metric echoes run-up to all-time high</h2>
Bitcoin needed less than a month to hit new all-time highs earlier this year when a classic on-chain indicator flashed green.
Now, the same setup is in the process of executing — with clear implications for BTC price strength.
“Coincidence or Price action??” Tardigrade queried while presenting the phenomenon.
<blockquote>
 “Bull Flag and MACD Bullish Cross at the same time. After a breakout to the Bull Flag, $BTC will surge higher.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/ec5cd863-2e17-4028-99a7-8c8fe116e899.jpeg">
 <figcaption style="text-align: center;">BTC/USD 3-day chart with MACD data. Source: Alan Tardigrade/X
 </figcaption>
</figure>
The metric in question is moving average convergence divergence (MACD). On three-day timeframes, MACD, which measures trend strength, is busy building positive bars after a “red” period, which began in early April.
At the same time, BTC/USD Is consolidating within a bull flag — and last time it exited to the upside along with green MACD, new all-time highs required a matter of weeks.
Three-day MACD has long been on the radar for market observers tracking the current Bitcoin bull market.
In late December, data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>&nbsp;confirms, a trip back into “red” territory <a href="https://cointelegraph.com/news/these-3-bitcoin-metrics-fresh-btc-price-move-imminent" rel="noopener noreferrer nofollow">preceded the turbulence</a> around the debut of the United States’ spot Bitcoin exchange-traded funds, or ETFs.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/eaecd79c-f371-41c2-8809-273bc662b95e.png">
 <figcaption style="text-align: center;">
 BTC/USD 3-day chart with MACD data. Source: TradingView
 </figcaption>
</figure>
<h2 id="never-mind-the-btc-price-consolidation">Never mind the BTC price consolidation</h2>
Tardigrade adds to the varied opinions over the current sideways BTC price landscape.
Related: <a href="https://cointelegraph.com/news/bitcoin-best-may-since-2019-3-btc-price-dip" rel="noopener noreferrer nofollow">Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip</a>
Now consolidating below the March highs for nearly three months, Bitcoin, some warn, will <a href="https://cointelegraph.com/news/bitcoin-analyst-several-more-weeks-before-btc-price-breaks-70k" rel="noopener noreferrer nofollow">continue to stay rangebound</a> for weeks or more.
That has not stopped sky-high BTC price predictions from making a return, among them a <a href="https://cointelegraph.com/news/bitcoin-price-150k-in-2024-base-case-tom-lee" rel="noopener noreferrer nofollow">$150,000 target for 2024</a> by research firm Fundstrat Global Advisors.
June, meanwhile, has traders <a href="https://cointelegraph.com/news/bitcoiner-called-pre-halving-predicts-95k-btc-price" rel="noopener noreferrer nofollow">eyeing $85,000 or more</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/36bf8cc0-9d60-4750-a74c-bebd24d704a7.png">
 <figcaption style="text-align: center;">Source: Mikybull Crypto
 </figcaption>
</figure>
Consensus nonetheless agrees that the <a href="https://cointelegraph.com/news/btc-price-preps-most-parabolic-phase-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">most “parabolic” stage</a> of the bull run has not yet entered.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin bull flag joins MACD to tease new BTC price all-time high next

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