Bitcoin (BTC) is still aiming to break past the $60,000 resistance during a period of price consolidation, with investors awaiting signs of a bullish breakout.
Amid current market sentiment, Cycles Fan’s analysis in an X post on August 18 pointed out that Bitcoin might be primed for a new high by the end of the year. However, the cryptocurrency must overcome several hurdles to validate this bullish outlook.
The expert emphasized the importance of Bitcoin’s interaction with the 50-week moving average (MA). Last week’s bottom around this critical technical level closely resembles the price action seen in June and July 2021, preceding a significant rally in Bitcoin’s price.
To confirm an intermediate-term low, the expert suggested that Bitcoin needs to close above the 20-week MA again. Once a bottom is confirmed, it will move higher into November or December.
Bitcoin price analysis chart. Source: Investing.com
Notably, November and December have historically been stro
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