Although things may not look as bright for Bitcoin (BTC) as the week begins, the flagship decentralized finance (DeFi) asset has formed several patterns that signal not just a recovery but also a potential bullish rally that could continue for the next 18 months.
As it happens, Bitcoin has found the same double support from the 50-period relative moving average (RMA) on its monthly chart, in addition to its parabolic stop and reverse (SAR) printing the first dot, as observed by cryptocurrency expert Trader Tardigrade, published in an X post on November 27.
According to the pseudonymous crypto trading specialist, this means that an extended, 18-month bull run could begin this very month, with the calculated top in May 2025, by which time the maiden crypto asset could potentially reach the massive price target of $220,000.
Specifically, the parabolic SAR indicator is a series of dots placed above or below the price bars, depending on the asset’s momentum. A dot below the price is bullish, and the one above is bearish, while a change in the position of the dots suggests that a reversal is underway.
Other bullish signs
More recently, on November 28, the crypto market analyst noted Bitcoin had formed an ascending triangle continuation pattern on its daily chart, which is another bullish chart pattern occurring in an uptrend and suggests “a rising consolidation consisting of a rising lower trendline and a flat upper trendline.”
It is also important to mention that Bitcoin’s valuation based on its mining difficulty (hash rate) grew to $35,000 on November 26, which, according to the crypto analyst PlanB, represents a critical level below which this digital asset would never drop.
Indeed, “apart from possible black swans or short-term volatility, based on $/kWh-arbitrage fundamentals… BTC will never go below $35k ever again,” as the expert explained using a Bitcoin valuation model chart analysis shared in an X post on November 27.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time trading at $36,971, down 1.15% in the last 24 hours and dropping 1.26% across the previous seven days while still holding onto the gain of 8.08% on its monthly chart, according to the latest information on November 28.
All things considered, the above experts’ predictions could indeed come true, provided that Bitcoin continues to show bullish signs and in combination with positive sentiment in the wider crypto market, aided by the anticipation of the first spot Bitcoin exchange-traded fund (ETF) and halving.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
