Bitcoin (BTC) is currently experiencing positive sentiments, reclaiming the $48,000 mark for the first time since the launch of the spot exchange-traded fund (ETF). Market participants are now eyeing Bitcoin’s potential retest of the $50,000 level, considering it crucial for triggering a new bull run.
In this context, crypto analyst Alan Santana, in a TradingView post on February 10, outlined a possible path for Bitcoin to reach a new record high of $80,000. Santana’s analysis focused on the daily Bitcoin Moving Average Convergence Divergence (MACD), indicating a shift toward a bullish trend.
Noteworthy observations include the successful breach of a local down-trendline originating from its December 2023 peak, signaling a potential reversal of the previous bearish momentum. According to the analyst, the trend is now upward, showcasing Bitcoin’s resilience in the market.
Bitcoin price analysis chart. Source: TradingView
Currently facing resistance around the 0.786 Fibonacci exten
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