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

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

Beyond the breakout: supporting Bitcoin signals

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

Advertisement

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.”

Advertisement

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.