Bitcoin’s Big Bullish Moment: Is the Bear finally Retreating?

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Bitcoin, that loveable rollercoaster of digital currency, is currently sitting below the mystical $100,000 resistance level, patiently awaiting the next big move. And yet, like a cat noticing a new shiny toy, it’s flashed a rare buy signal. Could this be the end of its long, dark bearish hibernation? We dare say, maybe, just maybe.

BTC‘s Glorious Flash of Bullish Hope

Our favorite crypto is flashing signs of life – could this be the long-awaited end to its recent downward spiral? According to Jelle, the ever-mysterious and anonymous crypto sage on X (not the 24-hour convenience store, the other one), Bitcoin has made a rare and beautiful bullish crossover on the daily chart. He pointed out the moving average convergence divergence (MACD) pattern as evidence – or, in layman’s terms, it’s like Bitcoin said, “Hey, I’m not dead yet!”

In fact, the last time this crossover happened, on January 15, Bitcoin shot up like a rocket, rising 16%. Oh, and it happened before, back in September, when Bitcoin was playing around in the $60,000 range. It rallied like it was a hyperactive kangaroo, hitting its all-time high of $109,200.

Jelle has also pointed out that the pattern Bitcoin is forming now is eerily similar to what it did back between June and September last year. Picture this: a swoop in June, another swoop low in August, and a third swoop in September before the big rally. Looks like déjà vu, with swoops included. Could this be the pattern we’re seeing right now? Time will tell.

Bitcoin Has More Catalysts for Bullish Glory

Bitcoin’s chart has all the hallmarks of a future success story. One of the first signs that things are looking up is the falling wedge pattern. It’s like a couple of trendlines are in a slow dance, getting closer and closer, and we all know what happens when they get too close—yup, a rebound, just like a bad ex coming back to the party.

But wait, there’s more! The long-term chart reveals even more signs of bullish optimism. Bitcoin’s created a cup-and-handle pattern, which sounds like a fancy coffee order but actually points to some serious price action. The cup was brewed between November 2021 and March last year, while the handle brewed between March and November, before it skyrocketed to $109,200. So, what does this mean? Get your measuring tapes out – the price target now is $123,000. (We promise we’re not just making this up.)

And let’s not forget the bullish flag pattern! It’s basically a tall vertical line followed by some consolidation. If Bitcoin were a flag, it’d be waving in the wind saying, “I’m ready to go up again.”

Of course, there’s always a catch, right? The bullish outlook will disappear faster than a magician’s rabbit if Bitcoin falls below its crucial support level at $89,250. So, let’s all hope that doesn’t happen, or we might be back to the bear cave.

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2025-02-24 19:36