According to recent analysis by famous crypto Dave the Wave, Bitcoin’s monthly MACD has crossed the zero line, signaling the possibility of entering a bullish phase.
Moving average convergence divergence (MACD) is a trend-following momentum indicator that shows the relationship between two exponential moving averages (EMAs) of a security’s price. The MACD line is calculated by subtracting the 26-period EMA from the 12-period EMA.
When MACD moves above the zero line, it is often a bullish sign, suggesting that the asset’s price may have an upward trajectory in the near future.
The chart above depicts that Bitcoin’s MACD has now moved above this key threshold. Such a move has historically preceded price increases and is considered a positive sign by many technical analysts.
Global asset management firm Bernstein expressed confidence in Bitcoin’s potential price performance, predicting a spike to $150,000 by mid-2025.
With Bitcoin’s current trading price of $34,400, it means Bitcoin will see an impressive 336% gain. This forecast is based on the historical relationship between Bitcoin price and its price-to-marginal cost. Data in the past shows that Bitcoin rarely drops below its price-to-marginal cost, implying that this metric may act as a “floor” for the cryptocurrency’s value.
Crypto services provider Matrixport also suggested that Bitcoin could rise to between $42,000 and $56,000 if BlackRock’s ETF is approved. Furthermore, banking giant Standard Chartered revised its 2024 year-end forecast for Bitcoin to $120,000, up from its previous prediction of $100,000, highlighting the growing confidence in the resilience and potential of the cryptocurrency market.