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On April 14, Bitcoin (BTC) printed a bullish 1-week moving average convergence/divergence (MACD) cross, in tandem with an Ichimoku bullish cross, which could signal the start of a rally to $150,000, per a May 5 TradingView post from renowned chart expert TradingShot.
The former marks the first such instance that has happened in 7 months, since mid-October of 2024 — the latter is a comprehensive technical indicator that takes into account trend direction, momentum, and support and resistance.
Since September of 2022, each time these two signals appeared at the same time, a bullish leg of a long-term channel up chart pattern began. In addition, these bullish legs always provided triple-digit gains, ranging from 100.73% on the low end in February of 2023 to 195.61% on the high end in late 2024.
Moreover, as Bitcoin prices have recently found support and rebounded off the 50-period 1-week moving average (MA), there is reason to believe that another such bullish leg is about to commence.
Bitcoin’s bullish crosses have historically preceded large rallies
At press time on May 5, the leading cryptocurrency was trading at $94,600. BTC has marked a 0.16% decline on the 1-week chart. With that said, on Friday, May 2, Bitcoin prices reached a local high of $97,720 — and have receded by 3.19% since.
A rally equating to the weakest bullish leg of the channel up pattern would entail a 100.73% surge compared to the April 9 low. If it comes to fruition, this move to the upside would see BTC trading at roughly $150,000, some 58.56% higher than current prices.
As Bitcoin consolidates in the $94,000 to $95,000 range, the $100,000 mark remains the most important threshold. Beyond being a psychologically important level, a breach of this price point would lead to large-scale short liquidations, which could, in turn, drive a more significant move to the upside.
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