The Bitcoin price performance over the past week may have dashed the high hopes of many enthusiasts, but this has not stopped bullish projections for the premier cryptocurrency. Crypto experts continue to postulate theories on why and how BTC is set for another bullish trajectory soon.
The most recent Bitcoin price prediction comes from a prominent crypto trader and analyst who uses the pseudonym Mags on the X (formerly Twitter) platform.
Can This Bitcoin Price History Repeat Itself?
On Sunday, October 15, Mags shared his analysis of Bitcoin via a post on X, suggesting an impending price rally for the premier cryptocurrency. The crypto analyst’s BTC price prediction revolves around the Moving Average Convergence Divergence (MACD) technical indicator.
Source: Mags/X
Related Reading: Crypto In Hollywood: BTC, DOGE, and SHIB Accepted For Tickets To Taylor Swift’s New Movie
According to the chart highlighted in the post, Bitcoin’s MACD has undergone a bullish cross from below the zero line. And based on Mags’ analysis, this is the second time this will happen on the Bitcoin price chart.
The first time the MACD bullish cross occurred was in 2016. Going by the highlighted chart, this cross triggered a significant bullish run for Bitcoin, which saw the price of BTC go as high as $20,000 in the following year.
Mags’ analysis suggests that assuming past trends hold, the price of Bitcoin may rise to $200,000 by the middle of 2025. However, the analyst noted that the Moving Average Convergence Divergence indicator signals long-term trend change. Mags added:
Short-term fluctuations are normal. Prices might move sideways or even go slightly lower on the LTF (lower timeframe) before the Bull Run begins.
BTC Price In The Short Term
As previously implied, Bitcoin’s price struggled to maintain its recently gained momentum throughout the past week, leading to the premier cryptocurrency falling to $26,500 for the first time in October. According to CoinGecko data, Bitcoin trades at $26,890 with sideways movement in the past day. However, the BTC price experienced a 3.7% decline on the weekly timeframe.
At the moment, Bitcoin continues to contend with various external forces, including macroeconomic components, general adoption, and regulatory developments like the approval of a spot exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
Recently, the SEC opted not to challenge the Grayscale ETF decision, sparking talks of the imminent launch of a Bitcoin spot exchange-traded fund. Following this positive development, BTC has regained some of its lost impetus, although it seems to be struggling to regain the $27,000 mark.
Bitcoin price hovering around $27,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView