#BTC Hits 97K

Is There Preparation for a Major Rally in Bitcoin? Charts Indicate a Journey to $109,000!
Bitcoin (BTC) may be preparing for a new uptrend by repeating the chart movements that initiated the major rally seen in 2024.
Cryptocurrency investors and analysts are closely monitoring some signals that have recently emerged in the Bitcoin chart. The prominent movements in technical analysis directly correlate with the signals that initiated the strong rally in August-September last year, where the price rose from $70,000 to $109,000.
According to CoinDesk analyst and market expert Omkar Godbole, some technical indicators observed in Bitcoin's price in recent weeks suggest that a significant upward movement may occur in the near future.
In recent months, the first significant signal that emerged in the weekly charts of Bitcoin was observed in the MACD (Moving Average Convergence Divergence) indicator, which is one of the momentum indicators. Generally, when the MACD histogram moves into the negative territory, it indicates a downtrend. However, with the price movements holding onto support, this situation suggests that bears have been trapped similarly to last year. Despite moving into the negative territory in February, Bitcoin's price climbed back to the $90,000 level in March, supported by the 50-week simple moving average (SMA), resembling the movements in August-September of last year.
Golden crossover is approaching
The second significant signal observed in the Bitcoin chart was the recently occurred death cross. Normally, this signal indicates that the price will enter a downtrend; however, Bitcoin found support at the $75,000 level contrary to expectations following this crossover and began to rise again. Now, the 50-day SMA may move upwards and exceed the 200-day SMA in the coming weeks, potentially resulting in a golden cross that strongly confirms the uptrend.
According to analyst Godbole, these chart movements are almost mimicking the major rally that took Bitcoin to the $109,000 level last year step by step. This means that new records in Bitcoin's price could be on the horizon soon.
Although technical analyses paint a positive picture, there is an important point that investors should not forget: there is no guarantee that past chart movements will be repeated in the future. Global economic developments and sudden changes in the market can always be full of surprises. Therefore, it is critically important for investors to act cautiously without ignoring risks.