Bitcoin’s resilience was tested during a major crash a few weeks ago, but the asset has shown its best side, holding above the $60,000 mark.
Investors are now looking for the next big rally, with some analysts predicting a new high is within reach. Among them, Milkybull Crypto remains optimistic, identifying a bullish technical pattern that suggests further gains could be on the horizon. Bitcoin looks set to target $67,380, driven by positive technical signals.
Bullish flag signals potential upside
One of the key signals is the bull flag pattern, which has recently been identified in Bitcoin price action. This formation usually occurs after an upward move and is considered a bullish continuation signal. Bitcoin consolidation within this pattern suggests a pause before the next move higher. The pattern suggests that once the price breaks the upper boundary of the flag, Bitcoin may soar even higher.
The moving averages support this outlook, adding to the bullish momentum. The golden cross, where the short-term moving average has moved above the long-term moving average, still holds. This signal continues to provide dynamic support at lower levels, adding to the potential for additional gains.
Bitcoin needs to rise by about 5.58% from its current level of $63,817 to reach the target of $67,380. This forecast continues to attract the attention of traders, many of whom are optimistic that the bullish pattern will play out in the coming days or weeks.
Historical trends point to an optimistic fourth quarter
Looking ahead, historical trends provide further optimism for a strong rally. WeRate co-founder Quinten Francois, dots Bitcoin’s impressive fourth-quarter results in recent years.
October, November, and December were often marked by significant gains, with Bitcoin up an average of 22.9% in October alone. Notably, Bitcoin rose 47.81% and 27.7% in October 2017 and 2020, respectively, making it a recovery month from the volatility of the third quarter.
November continues to show even stronger results, with an average gain of 46.81%, historically one of the best months for Bitcoin. December also contributes to Q4’s bullish reputation, with an average gain of 5.45%, continuing the upward momentum of November’s rally.
Updated forecasts from leading analyst
Meanwhile, Henrik Zeberg, chief macroeconomist at Swissblock AG, remains bullish on Bitcoin despite the current market volatility. On Friday reportZeberg revised his forecasts, predicting that Bitcoin will reach a new peak between $115,000 and $120,000. The forecasts are part of a broader outlook that includes gains in other major indices such as the S&P 500 and Nasdaq.
Zeberg’s forecasts reflect confidence in a downside scenario in which euphoric market conditions could cause Bitcoin and other assets to reach unsustainable levels before a significant correction occurs.
