Bitcoin’s bullish trend and MACD indicator hint at a potential new all-time high for BTC price in the near future.

Bitcoin (BTC) may be gearing up for another surge to its all-time high levels reached in March, according to on-chain analysis. Alan Tardigrade, a popular trader and commentator, recently compared BTC’s current price action to that of mid-February. He highlighted a key on-chain metric, the moving average convergence divergence (MACD), which measures trend strength. On three-day timeframes, the MACD is showing positive bars after a “red” period that began in early April. This setup is similar to the one seen earlier this year, which led to new all-time highs in just a matter of weeks. The three-day MACD has been closely watched by market observers during this Bitcoin bull market. Although Bitcoin has been consolidating below the March highs for nearly three months, there are still high price predictions for the cryptocurrency. Research firm Fundstrat Global Advisors has set a target of $150,000 for 2024, while traders are eyeing $85,000 or more in the month of June. However, it is widely agreed that the most parabolic stage of the bull run is yet to come. This article does not provide investment advice, and readers are encouraged to conduct their own research before making any decisions.