Historically bullish Bitcoin chart pattern shows: There is further upside potential for BTC

In March, few would have thought that Bitcoin is where it is today.

The coin has risen over 200% since hitting its lows in March – which shows that the crypto market is far from dead.

When the lows hit, some feared that cryptocurrencies would not be around for long.
However, some analysts have predicted Bitcoin’s ongoing rally.

One of those analysts predicted the cryptocurrency would test $ 10,000 again by May, just a few months after the crash.

The chart pattern he used to predict this price action now suggests that Bitcoin has headroom to expand.

Another trader who predicted the rapid rebound in Bitcoin price reflects this view.

Bitcoin has another upside potential: textbook chart patterns

When Bitcoin crashed to $ 3,500 on March 13, few expected the coin to bounce back anytime soon. In fact, there were many at the time who believed the cryptocurrency was on its way to $ 1,000 and possibly below.

However, some stuck to their belief that Bitcoin would experience a rapid reversal.

One of these analysts shared the chart below. He suspects that the cryptocurrency was traded in a so-called macro-accumulation pattern.

This Wyckoff accumulation analysis suggested that the cryptocurrency would hit $ 10,000 in May or June and then correct. That happened too.

The analysis also predicted that Bitcoin would see another spike after hitting its low in July. That too happened.

While the analysis wasn’t entirely accurate, as it predicted that Bitcoin would be $ 14,000 to $ 15,000 higher in its second leg, it was accurate in predicting the timing and general direction of the cryptocurrency.

The same analysis now suggests that after the correction and subsequent consolidation, Bitcoin is ready to move higher.

On-chain trends paint a similar picture

The trends in the chain are consistent with the bullish picture this analysis paints.

So there is a clash of on-chain signs after which Bitcoin is prepared to move up in a macro timeframe. CryptoQuant, a crypto asset analysis company, recently shared 10 of these trends. They are as follows:

Position index of the miners
Puell-Multiple
Hash bands
Average of all stock market outflows
Reserve for all exchanges
Stablecoin supply ratio
All exchanges stablecoin reserve
MVRV ratio
Ratio of network value to Metcalfe
Stock to Flow

One of the main reasons Bitcoin is set to continue to rise is because the network’s hash rate is reaching new record highs. For many analysts, this indicates an underlying upward trend.