Bitcoin (BTC), while trying to surpass the $70,000 resistance again, crypto analyst CryptoCon indicated that chart patterns point to a new all-time high in the near future. CryptoCon shared his price prediction for Bitcoin using an indicator called “Magic Bands” in his X post on July 20. The bands in the Magic Bands indicator help identify key levels that Bitcoin has historically respected throughout various market cycles.
Bitcoin Could Surpass $90,000, Setting a New Record
Magic Bands chart is divided into several key levels such as Cycle 4 lower band (level 0.25), level 0.75, level 1, level 1.5, level 2, level 2.5, level 3, and the cycle upper band. These levels represent critical price regions that Bitcoin interacts with during its market cycles. Significant support levels in previous cycles have provided strong signals for Bitcoin’s price journey.
According to the latest analysis, Bitcoin made a significant bounce from level 2 of the Magic Bands, reflecting behavior seen in previous primary band retests. In this context, the analyst emphasized the importance of the current bounce, suggesting it could lead to a new all-time high above $90,000.
CryptoCon stated, “Bitcoin made an excellent bounce from level 2 of the Magic Bands, just like in previous primary band tests. It is waiting for just one thing for a major breakout… corresponding to a move to level 3 at $92,908. The fantastic accuracy of the Magic Bands continues.”
The current analysis shows that Bitcoin bounced from “Level 2,” approximately $55,431, and is now targeting “Level 3,” projected above $90,000. This price movement is seen as a continuation of the pattern observed in previous cycles, where the largest cryptocurrency found support at a lower band and then progressed to the next higher band.
The Upper Target of the Current Cycle is Set at $125,916
Looking forward, the upper target of the cycle is set at $125,916, and this target is expected to increase. This suggests that Bitcoin could reach new all-time highs if it continues to follow the historical patterns predicted by the Magic Bands within the current market cycle.
Indeed, as of the current situation, investors are focusing on Bitcoin surpassing the $70,000 resistance and retesting this level to set a new record.
Another crypto analyst, Stockmoney Lizards, noted that Bitcoin is about to form a “Three Inside Up” pattern on its weekly chart, which is a strong bullish reversal signal. This pattern includes a large bearish candle, a smaller bullish candle within the range of the first candle, and finally a candle that closes above 50% of the first candle.
According to Stockmoney Lizards, Bitcoin is quite close to this critical 50% level. If confirmed, this pattern could indicate the start of a new bullish trend and increase bullish sentiment.
