Bitcoin (BTC) ready for takeoff! August 3 technical analysis

Another technical indicator gives a bullish signal, suggesting promising long-term prospects for the leading cryptocurrency. It suggests an imminent long-term rise, although bitcoin (BTC) may first revisit $28k before taking off.

Bitcoin (BTC): Long-term rise in sight

Another technical indicator, the monthly Average Sentiment Oscillator (ASO), suggests an imminent bullish signal on the bitcoin (BTC) price. The two curves of this indicator are currently crossing, indicating a long-term bullish phase for the cryptocurrency.

The last crossover in May 2022 was followed by a 57% drop in BTC. The current bullish signal could reinforce this year’s uptrend, with a potential rise of at least 68% to resistance at $48,240.

According to an analysis by trader Titan of Crypto, the signal given by the ASO even suggests a rise towards a new all-time high, underlining that Bitcoin (BTC) is ready for take-off! Its chart highlights the three cycles of the BTC price, the second phase of which has just ended with the crossing of the curves.

Following the logic of the cycle, the next phase could be a long-term bull-market, suggesting a potential rise in bitcoin (BTC) below $69,000.

A probable rebound on $28,000 support

Yesterday, BTC closed down 3%. If this trend continues, Bitcoin (BTC) could revisit support at $28,000 before taking off. The descending channel on the daily scale has yet to be crossed to the upside, suggesting further downside.

So, despite the bullish long-term outlook, the bitcoin (BTC) price could see further declines in the short term. However, this would represent a buying opportunity for investors at the $28331 support level. Indeed, large portfolios are currently continuing to accumulate.

• Entry: $28,331 ;

• Stop: $27,000;

• Target: $50,000.