Under-the-Radar Indicator Hints at Breakout
Crypto analyst Jason Pizzino has identified an indicator that suggests Bitcoin (BTC) is poised for a sudden surge to new all-time highs.
Stealth Moves
Pizzino notes that Bitcoin has historically made “stealth moves” to the upside when its average true range (ATR) indicator reaches a local low while price consolidates or forms higher lows.
Current Conditions
If Bitcoin can maintain a daily trading range between $1,500 and $2,000 while staying above $56,000 to $60,000, it could signal a breakout to a new high.
Example from COVID-19 Pandemic
Pizzino cites the Bitcoin rally during the early days of the COVID-19 pandemic as an example of a stealth move. The prolonged period of higher lows and decreasing range indicated a buildup of buying pressure.
Altcoin Market
Pizzino also observes a similar pattern in the TOTAL3 index, which measures the market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. The recent decline in market sentiment could indicate a potential breakout for altcoins.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $67,717, slightly down from the previous day.
