Bitcoin indicator flashes again, previously signaling gains above 750%
NOIDA (CoinChapter.com) – Bitcoin price continues to slide as bearish pressure forces crypto tokens to drop below $62,000 after breaking above $63,000 on May 14. Due to Bitcoin’s dominance in the market, traders closely monitor its price action to predict market sentiment.
Interestingly, one crypto analyst noted that an indicator that previously predicted huge price gains for Bitcoin has reappeared.
Bitcoin price and green cross indicator
Investors and analysts often look at technical and historical bullish patterns for signals that could predict the next bull run. Coin Bureau CEO Nic Puckrin highlighted one particular technical indicator in an X blog post called the "Green Cross."
The green cross indicates that Bitcoin seller energy has reached a high level, which has historically preceded huge gains. This bullish indicator appears when Bitcoin price stays below its all-time high for a long time, accumulating potential for a breakout.
Notably, this has happened before in both 2013 and 2017, each time triggering major price surges following the indicator’s activation.
As of March 4, Bitcoin has seen this happen again, echoing conditions seen in previous bull cycles. While past performance is no guarantee of future results, these patterns could attract buyers and serve as a bullish sign for the coin.
Bitcoin Bullish Flag Pattern Points Towards $100K Price Tag
A technical setup known as a “bullish flag pattern” could attract bulls seeking a six-figure price for Bitcoin.
The bullish flag pattern forms when the price of a crypto token experiences a near vertical rise, forming a flagpole. This pattern is usually seen in assets that are in a strong uptrend.
After a steep rise, the asset undergoes a period of consolidation, forming a flag. Despite the initial strong move higher, the price remains stable as buying persists. Typically, a breakout from this consolidation phase triggers another significant move higher.
The pattern reached completion when the price broke out of the flag area, effectively resuming its previous upward trajectory. According to the rules of technical analysis, if the coin confirms this bullish technical pattern, the Bitcoin price could rise above 84%, reaching the theoretical price target of the pattern, close to $113,600.
Currently, Bitcoin price remains oscillating between the 0.618 FIB resistance at $64,500 and the 0.382 FIB support at $60,670. A breakout above either of these levels will determine the future price action of Bitcoin.