The Bitcoin Bull Run You Didn’t See Coming! Is $109K Just The Start?

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What to know:

  • Both the MACD and the death cross recently trapped the bears in a pattern observed before the breakout above $70K. 🐻📉
  • A potential golden cross in the coming weeks could signal a bullish trend, just like last year. 💰✨

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. No pressure, but this might be important.

Crypto bears (yes, you) might want to squint at bitcoin’s (BTC) recent chart patterns. Why? Well, it looks like déjà vu from the 2024 rally that dragged BTC from $70,000 to $109,000. It’s like watching a rerun, except this time you’re hoping for a plot twist—like a yacht, or at least a decent holiday.

The first pattern? Let’s talk about the Moving Average Convergence Divergence (MACD) histogram. Say that five times fast. This mystical momentum indicator is usually a reliable way to spot trend changes. Crossovers above or below the zero line are typically signs of bullish or bearish momentum, respectively. Sounds simple, right? Well, as with all good things, it’s a little more complicated than that.

When a bearish crossover happens, you’d think it’s time to panic, right? Well, not so fast, my friend. The crossover could just be a trap, like a bear falling into an overhyped reality show. And right now, that’s what’s going on with BTC. The crypto dropped after the MACD turned negative in February but then quickly found solace at the 50-week simple moving average (SMA) in March and shot back up above $90k. The MACD has been stubbornly below zero, though, like a stubborn teenager refusing to leave their room.

This feels eerily familiar to last August and September when prices hung out with the SMA support, despite all the doom and gloom from the MACD. The indicator flipped bullish in October, and suddenly, we had a rally from $70K to $100K by December. It’s almost like bitcoin knows how to throw a good party.

The second pattern to keep your eyes on? The 50- and 200-day SMAs. These two averages recently formed a bearish crossover, otherwise known as the “death cross,” which is a bit dramatic for what it’s worth. But, lo and behold, it wasn’t the death knell for bitcoin. No, it was just another bear trap, and BTC found a comfy spot at $75K before doing a little pirouette back to life.

Now, the 50-day SMA is looking stronger and might just cross above the 200-day SMA, setting us up for a golden cross. This could be the beginning of something beautiful—or at least something worth bragging about at your next dinner party.

Here’s where it gets interesting: This pattern mirrors last year’s trend. That pesky death cross in August marked the bottom, and a golden cross came to the rescue, leading to a breakout above $70K. Then, *boom*, $109K and beyond. Talk about a glow-up.

In short, we might be on the brink of a bullish rollercoaster, possibly zooming past the January high of $109K. Fasten your seatbelts, folks. It could get bumpy—or exhilarating. No one knows, but it’s definitely going to be a ride.

Chart patterns are useful, sure, but let’s be honest: predicting the future is like trying to juggle flaming torches while riding a unicycle. Still, if history is any guide, it’s worth keeping an eye on these patterns. Just, you know, don’t bet your life savings on them. Also, we’re not responsible for your crypto-induced panic attacks.

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2025-05-07 15:57