Analyst Says Bull Market Could Begin If Bitcoin Breaks Above This Level

Bitcoin’s recent price action has triggered analysts and traders to closely watch a key resistance level that could signal the start of a new bull market. According to popular crypto analyst Crypto Rover, Bitcoin is on the verge of a major breakthrough.

“If Bitcoin can break above this previous high, the bull market will begin!” Rover declared, pointing to a chart showing Bitcoin’s approach to a critical resistance level just shy of $70,000.

If #Bitcoin can break above this previous high, the bull market will begin! pic.twitter.com/L2cjoKjCHN

— Crypto Rover (@rovercrc) September 25, 2024

Beyond the breakout: supporting Bitcoin signals

While Rover’s analysis focuses on this immediate resistance, other analysts are chiming in with additional bullish indicators.

Bitcoin Archive highlighted a potentially powerful signal on the technical front: “Bitcoin MACD about to make a bullish cross-over on the 5-day chart for the first time in 230 days.”

They noted that the last two times this occurred, Bitcoin surged by 79% and 74% respectively, boldly predicting that a repeat performance could send Bitcoin “OVER $100K.”

Adding another layer to the bullish case, analyst Mags pointed out that Bitcoin has reclaimed its 200-day Moving Average, a key level often watched by long-term investors. “The last time Bitcoin tried this was back in August 2024, but it ended up being a fakeout,” Mags cautioned.

However, Mags also noted that if Bitcoin can hold above this level, “we could be looking at a massive breakout ahead.”

These analyses converge on a common theme: Bitcoin is approaching a critical juncture. The breach of the resistance level Rover highlighted, coupled with the technical signals noted by Bitcoin Archive and Mags, could indeed set the stage for a rally.