Bitcoin exhibits ‘macro bullish setup’ on monthly chart; Here’s what it means
Despite the fact that the rally recorded by the cryptocurrency market and Bitcoin (BTC) since the year’s turn is slowing down, the flagship decentralized finance (DeFi) asset is demonstrating a bullish setup on its monthly chart, indicating a bright future for the maiden cryptocurrency.
As it happens, Bitcoin’s monthly chart is currently showing a ‘macro bullish setup,’ according to a collection of indicators coming together to form the positive configuration, as observed by the pseudonymous crypto analyst Trader Tardigrade on February 2.
According to the analyst, the observed factors playing into this bullish setup include “two price rejection levels (resistance) forming a demand zone, which turns to be a breakout zone, breakout, falling wedge, price rejection (support) in breakout zone, [and] bullish monthly candle breakout.”
Notably, Trader Tardigrade’s predictions align with the bullish expectations for the future of Bitcoin, including those by Bloomberg senior commodity strategist Mike McGlone, who envisions the digital asset reaching $100,000 in the next couple of years, “maybe 2025.”
TradingShot also noted that Bitcoin had started a geometrical cycle chart pattern, suggesting that it could soar as high as $150,000 in the same time frame, despite crypto and its representative coin being pronounced ‘dead’ four times this year so far.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at the price of $23,819, which represents an increase of 3.07% on the day and a 2.75% gain over the previous week, adding up to the 42.85% growth on its monthly chart, according to the latest data.
Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad,” has cited the declining financial health of the United States as the driver for the recent crypto rally. In this context, the middle class in the U.S. is getting poorer and looking for alternative investment products such as Bitcoin.
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