The second indicator of this new phase lies in the weekly candle itself. If BTC closes the week near its current highs, it will register its largest-ever weekly candle close in history. If it happens, this will confirm that Bitcoin has officially entered price discovery once again.
The analyst also highlighted multiple momentum-based indicators all converging in favor of a breakout. The third indicator of BTC’s new phase lies in the weekly RSI. The weekly RSI has reset around its median range and is now curling back toward overbought territory, a pattern that historically accompanies early stages of parabolic rallies.
At the same time, the Stochastic RSI has completed a bullish crossover above the 20 level, confirming higher timeframe bullish momentum. This is the fourth indicator.
The fifth bullish indicator is the weekly MACD histogram, which is showing waning bearish pressure. As the histogram flattens, it translates to a weakening of selling momentum and a potential shift back toward bullish dominance.
Bobby Axe also drew attention to the reappearance of three blue hash ribbon dots on Bitcoin’s weekly timeframe as the sixth indicator of a bullish Bitcoin. The last time this phenomenon was seen was in July 2020. Back then, it preceded the explosive 2020–2021 bull run that sent Bitcoin from around $9,000 to over $60,000.
Lastly, the weekly chart’s Bollinger Bands are notably tight due to intense volatility. This is notable because this is a condition that has preceded several of BTC’s most dramatic rallies.
If the alignment of these indicators holds true, Bitcoin may be in the early stages of another extended breakout. Fibonacci projection levels place the next target around $144,000, followed by an extended target at $158,000 if bullish momentum continues.
