Bitcoin Surges to Seven-Month High Amid Analyst's Bullish Call
Bitcoin's recent price surge has led analysts to believe that the bear market bottom is likely in. Kevin Capital, an analyst who accurately predicted the previous cycle lows, now assigns a 90-95% probability of this being true, up from his previous 70% estimate.
According to Kevin, Bitcoin broke above its daily moving averages that had capped price throughout the bear market, followed by consolidation and another move higher. He also highlighted a golden cross that occurred more than 300 days into the bear market and a bullish two-week MACD crossover.
Kevin expects a pullback after the latest breakout but believes 'plenty of juice in the tank' if Bitcoin holds its latest higher-timeframe breakout. His next major target zone sits between $93,000 and $100,000, where a high-volume area and major technical resistance converge.