Bitcoin’s bull flag teams up with MACD, hinting at a potential new all-time high for BTC.

Bitcoin (BTC) may be on the verge of replicating its previous surge to all-time highs in March, according to on-chain analysis. Popular trader and commentator Alan Tardigrade highlighted the similarities between BTC’s current price action and its performance in mid-February. The key indicator in question is the moving average convergence divergence (MACD), which measures trend strength. On the three-day timeframe, the MACD is showing positive bars after a recent “red” period that started in early April. This setup, combined with BTC/USD consolidating within a bull flag, suggests that new all-time highs could be reached in a matter of weeks. The three-day MACD has been closely monitored by market observers during the current Bitcoin bull market. In December, a return to the “red” territory preceded the turbulence surrounding the launch of the United States’ spot Bitcoin exchange-traded funds. Despite Bitcoin’s recent consolidation below the March highs, some experts predict that the cryptocurrency will continue to trade within a range for the next few weeks. However, there are still optimistic price predictions, with research firm Fundstrat Global Advisors targeting $150,000 by 2024, and traders eyeing $85,000 or more in June. It is generally agreed that the most significant upward phase of the bull run has yet to come. As always, readers should conduct their own research and exercise caution when making investment decisions.