Bitcoin (BTC) Price Regains Bullish Momentum, Poised for a Major Rally, Crypto Experts Say

Bitcoin's potential for extended growth is regaining traction following several bullish technical indicators and price movements cited on its chart.

Bitcoin price analysis shows potential for extended growth following several bullish technical indicators and price movements.

After a breakout from a key market indicator, crypto expert and trader Daan Crypto Trades anticipates a possible rally for Bitcoin. Specifically, the breakout occurred above the Bull Market Support Band, a crucial indicator of upbeat momentum. Given Bitcoin’s recent bullish performance, the development has sparked optimism among investors.

According to the expert, Bitcoin consolidated around the support band for several months before building up the strength required for its subsequent high-time climb. Meanwhile, the crypto asset has been increasing in value since it rose above the support band, demonstrating its robust resilience.

This breakout above the Bull Market Support Band is considered a strong sign of price recovery. Thus, if BTC manages to hold above this indicator, it could pave the way for more price gains, possibly toward new highs in the upcoming weeks.

Following the breakout, Daan Crypto Trades highlighted that monitoring the development might be a good idea to gauge future performances. However, his cautionary statement is due to a potential high time frame reversal if Bitcoin breaks below the support band at any point. “Likely at higher prices as the band is trending up at more than $1,000+ per week currently,” he added.

As the breakout from the support band could act as a catalyst for more upside growth, investors and traders are observing its impact on Bitcoin as they anticipate another major rally.

Furthermore, another post by Daan Crypto Trades suggests that Bitcoin is currently trading at a spot premium. The expert made the claims after closely examining the price action of BTC in the 4-hour time frame, suggesting rising demand in the spot market compared to derivatives.

Presently, the funding rate is at or just below the baseline, which is considered a healthy trend. The funding rate at the baseline is due to last week’s huge flush, which wiped out billions of dollars in Open Interest (OI) and long positions. In the event that the trend holds steady, it could set the stage for more price appreciation, targeting new levels.

BTC’s Price Growth To Continue?

After a volatile period nearly a week ago, BTC has transitioned toward bullish territory, rising as high as $106,500. Although the crypto asset’s value has dropped to the $104,500 range, its upside potential still seems strong because of investors’ heightened optimism.

Over the past day, Bitcoin’s market cap and trading volume have increased by over 2% and 69%, respectively, reflecting growing interest. It is important to note that a persistent inflow of substantial capital usually sparks the possibility of a leg-up in the short term.