After a concerning drop to $78k at the beginning of the month, the Bitcoin price has had a remarkable recovery in the last few days. However, despite the surge, the token is stranded far from its ATH, with the holders awaiting another potential rally, especially as a highly bullish signal reappears. If the pattern continues, the BTC price can surge another 200%. How? Let’s discuss.
Bitcoin Price Surge to $88k Amid Bitcoin ETP Launch
The drastic shift in investors’ sentiments from bullish to bearish resulted in the Bitcoin price crash. However, BTC is soaring these days as the global financial market witnessed recovery amid the Fed’s keeping the interest rates unchained and other bullish factors.
In the last week, the BTC price has surged 5%, hitting a weekly high at $88.6k, but it currently trades at $86.9k after a slight decline. Interestingly, this surge came as Blackrock rolled out Bitcoin ETP for European clients, influencing investors’ sentiments. A clear indication is its trading volume surging 53% to $32.75B.
In addition, MicroStrategy’s BTC buying, Oklahoma state passing the Bitcoin Reserve bill, and other events catered to this surge. However, the reappearance of the bullish BTC signal hints at a further rally.
Bitcoin Price Prediction: Hash Ribbons Bullish Signal Hint at 200% Rally
In its 16 years of history, Bitcoin has seen remarkable rallies. One such rally is in the formation, as the historical pattern suggests a 200% uptrend. The famous Hash Ribbon indicator, which tracks the BTC’s mining activity, is flashing a buy signal, which often results in massive uptrends.
The same signal showed up in 2023 when the BTC price surged by 200%. Again, in 2024, this resulted in 120% following the miners’ recovery after the miners’ capitulation period. If history repeats and the pattern continues, there could be another massive breakout as high as 200% or higher.
Bottom Line: Is a 200% BTC Price Rally Imminent?
The reappearance of a highly bullish and historically proven price pattern indicates the possibility of a 200% rally. Even if the trends change, multiple Bitcoin price predictions claim that the token can easily surpass the $200k mark by the end of the year, increasing its credibility.
However, despite the possibility, investors must do further research to confirm the bullish breakout.
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