Bitcoin has recently climbed above the $60,000 mark, signaling a potential major rally. Crypto analyst Mags discussed this on Elon Musk’s social media platform X, highlighting factors such as USDT dominance and technical chart patterns. According to Mags, if USDT.D continues to decline, Bitcoin could see a surge to $72,000 or higher.
The inverse correlation between USDT dominance and Bitcoin’s price is a key indicator for this potential rally. Mags pointed out that USDT.D broke down from a strong trendline support, suggesting a bear channel formation, while Bitcoin’s broadening wedge pattern indicates a bullish continuation signal.
Increased market volatility also adds to the anticipation of a significant Bitcoin price breakout. Analyst Daan Crypto Trades noted that Bitcoin’s volatility has ramped up after a period of low levels, nearing those seen during the asset’s all-time highs earlier this year. This rise in volatility is necessary to end Bitcoin’s current consolidation phase, potentially leading to a decisive price movement.
