Bitcoin Bull Run Confirmed! New Signals Point to Massive Price Surge

Bitcoin Bullish Signal Confirmed: $113K Target Ahead!

Welcome back to the Good Channel, everyone! My name is Josh, and right now while Bitcoin is breaking out into new record highs, we’re seeing a new bullish signal just confirmed right now on the Bitcoin price chart. While in the short term, Bitcoin is repeating history, and it is finally happening. We are seeing the bullish signal officially confirmed that confirmed exactly 4 years ago. So I’ll be talking about all of that and more later in the article, so definitely read to the end.

Bitcoin News: MicroStrategy’s Massive Purchase of Bitcoin

First of all, just before taking a look at the Bitcoin charts today, we need to talk about the Bitcoin news today because in case you missed it, just yesterday Michael Saylor announced that MicroStrategy just bought another 15,350 Bitcoin for around $1.82 billion USD. And of course, I did share this yesterday over on my Twitter account, so it didn’t make it in my last Bitcoin article because this came out basically just after I finished recording my last Bitcoin video just yesterday. But if things like this happen, of course I share things like this in real-time over on my Twitter (link down below) if you want to get these extra updates throughout the day from time to time.

But like we can see right here, once again they bought another 15,350 Bitcoin. And in case you’re wondering, MicroStrategy now holds around 439,000 Bitcoin that they bought for a total of around $27 billion at an average price of under $62,000 per coin. So obviously right now that amount of Bitcoin is worth a lot more. And so MicroStrategy is one of those massive institutional buyers out there that just keeps buying Bitcoin no matter what the price is—whether we’re trading at $20,000 or $100,000. Obviously, MicroStrategy just continues to buy more Bitcoin.

So with more and more people like this and more and more companies like this accumulating massive amounts of Bitcoin, of course with Bitcoin being a very scarce asset, only so much to go around, ultimately this will force the price of Bitcoin to the upside over the long term as there’s less and less Bitcoin to go around. And massive buyers like this will have to bid for much higher prices to buy the limited amount of Bitcoin available.

Bitcoin Chart Analysis: Bullish Indicators Across Timeframes

But with that being said, taking a look at the Bitcoin charts today, looking at the weekly timeframe, right now we’re simply still looking bullish as I’ve been saying for a long time now on the channel since much lower prices. We’re still playing out this bull market signal, and as I’ve shared recently here on the channel and for months now, the last time this bull market signal played out, we saw a massive Bitcoin bull market for at least the next year or so following this bull market signal.

And this signal, by the way, only confirmed around 2 to 3 months ago in case you’re new to the channel. And we’ve seen something similar on the weekly Bitcoin chart if we’re looking at the MACD indicator because we saw a bullish crossover in this indicator around mid-October just a couple of months ago. The last time we saw this was the previous October in 2023, and what came next was a bull run all the way towards around March this year.

So if this signal repeats and something similar to what we saw last time plays out, we’re likely going to see a continued bull run well into 2025, at least towards around March next year once again if we repeat what we saw last time. And if we’re taking a look at this 4-day Bitcoin chart, the SuperTrend indicator is still sitting in the green, indicating a larger bull market.

Overall, things are currently looking very bullish on the larger timeframes technically speaking, as I’ve been saying for a long time now on the channel since March lower prices. And if we’re taking a look at this weekly Bitcoin chart, as I talked about in my last Bitcoin video just yesterday, today we’ve officially confirmed the breakout with a weekly candle close finally above this 1618 Fibonacci extension level sitting at around $102,000. So obviously this is another bullish signal. Anytime we confirm a breakout above significant resistance, that’s clearly bullish.

Next Major Price Target: $113,000 per Bitcoin

The next significant price target or point of resistance based on the Fibonacci levels to the upside is this 2618 Fibonacci extension level on this 3-day Bitcoin chart, and that’s sitting at around $113,000 per Bitcoin. And of course, I’ve been talking about this as well for a while now on the channel. And when I mentioned $113K at these much lower price levels, a lot of people on the channel were telling me there’s no way we could possibly hit $113K or break out above $102K. But right now, we are seeing it playing out right in front of our eyes.

Bitcoin Short-Term Targets and Support Levels

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Bitcoin’s Latest Bullish Crossover on Daily Chart

With that being said, taking a look at this Bitcoin chart on the daily timeframe, we’re continuing the bullish breakout above this previous line of resistance, which was sitting roughly around $102,000. So, like I said, if we break above $102,000, I’ve been saying this for a while now in the short term here, if we break out above $102,000, expect the next major bullish move towards the upside.

So as I said just earlier, we have this price target at around $113,000. But just before $113,000, we have this price target right here at around $111,000. So right around that area on the chart, around $111,000 to $113,000, we could likely find some resistance around there as the next area or the next price target to pay attention to.

Bullish Momentum Continues: History Repeating Itself

If we’re taking a look at this daily Bitcoin chart, just over the last one day, we have now officially confirmed a new bullish crossover in the daily Bitcoin MACD. Of course, we’ve already confirmed that bullish crossover in the weekly Bitcoin MACD for a couple of months now, and of course, we saw what came next after that bullish crossover on the larger timeframes.

But if we’re in the slightly shorter term on the daily timeframe, we’ve just now confirmed a new bullish crossover on this daily chart, and if we’re simply looking at the last time this happened, this happened near the beginning of November, right around the US election. And of course, what came next was more bullish price action in the price of Bitcoin.

Price Pullbacks and Levels of Support

It’s worth mentioning that of course, the US election back then was another major influence on the price of Bitcoin. But with that being said, a bullish crossover is still a bullish signal to pay attention to, so we’ll likely continue to see more bullish price action in the coming days and weeks.

But if for whatever reason we see a slight pullback, then in that case, of course, looking at levels of support to pay attention to, we’ll likely find a decent amount of support at around $104,000 approximately based on previous resistance becoming new support. And below $104K, we’ll likely find major support at around $101,000 to $102,000, around there. So basically, that previous $102K level acting as new support, and below that level of support right there, we also have more support at around $99,000 to $98,000 based on the volume profile indicator and also this ascending line of support sitting close to $99,000.

History Repeating: Bitcoin’s Bullish Breakout

But as I’ve been saying for a long time now on the channel, it doesn’t matter if we see a slight pullback here and there in the short term. Overall, when we’re looking at the larger trend that is playing out, we’re clearly trending in the bullish direction on the larger timeframes. Yes, we can see slight pullbacks here and there; that’s very normal to see in the short term. But zooming out, we’re clearly looking bullish when it comes to the larger trends that are playing out.

And what we’re also seeing playing out right now on the Bitcoin chart is history repeating itself. That’s right, on the 12-hour Bitcoin chart, if we’re looking at the current day price action versus the price action on the exact same timeframe on the 12-hour Bitcoin chart exactly 4 years ago, we’re seeing extremely similar price action, very similar price structure right now to what we saw four years ago.

Conclusion: Major Bullish Move Ahead

In case you’re new to this channel, this year was a Bitcoin halving year. We had a Bitcoin halving in around April this year. We also had a Bitcoin halving in around May 2020. That was the last Bitcoin halving before this year. And so both of these charts right here are Bitcoin halving years near the end of the year around December in the Bitcoin halving years. Like I just said earlier, both of these charts are on the exact same timeframe, the 12-hour timeframe, looking at a significant level on the price chart.

This time it was the $100K level; last time it was the $20K level four years ago. Also, we were in a larger bull market back then, just like right now, a larger Bitcoin bull market. And in the short term, the price struggled for a little while—a couple of weeks in the short term, playing out a bearish divergence on the exact same timeframe.

So like I’ve been saying for weeks now on the channel, very, very similar price action in the shorter term here. So I’ve been saying just be patient in the short term, we’re getting very close to that next major breakout. And right now, we are officially starting that next breakout exactly as expected, as I’ve been saying basically every day for weeks now on the channel. I’ve been preparing you every day for weeks!

Prepare for the Next Bullish Breakout

So, that’s everything I have to say for today. I really hope you enjoyed, and I’ll see you all in the next article.