As Bitcoin (BTC) looks to reclaim the $70,000 resistance level, a crypto analyst has pointed out that chart patterns indicate a potential all-time high in the near future.
In an X post on July 20, CryptoCon offered a Bitcoin price forecast leveraging the so-called “Magic Bands.” These bands delineate several key levels Bitcoin has historically respected throughout its various market cycles.
The Magic Bands chart is divided into several key levels: Cycle 4 bottom band (level 0.25), level 0.75, level 1, level 1.5, level 2, level 2.5, level 3, and the cycle top band. Each of these levels represents a critical price zone that Bitcoin tends to interact with during its market cycles. The primary support levels have been pivotal in previous cycles, providing strong indications of Bitcoin’s price trajectory.
Bitcoin ‘Magic Bands’ chart. Source: CryptoCon
According to the latest analysis, Bitcoin has experienced a significant bounce from Level 2 of the Magic Bands, mirror
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