‘Lights Go Mega Green’ – Trader Unveils Massive Price Target for Bitcoin Following Abrupt BTC Rally

A closely followed crypto analyst believes the lights are green for Bitcoin ( BTC ) to finally break out of its lengthy consolidation period.

Pseudonymous analyst Jack Sparrow tells his 254,100 followers on the social media platform X that Bitcoin is clear for take-off after moving above $62,800.

The trader shares a chart suggesting that Bitcoin will initially to $70,000 before a brief dip and a rally toward his first target above $100,000.

“Pray with me… If we don’t fizzle the next few weeks and finally get the breakout, the target for the next larger pause to start sits around $106,000.” 

Source: Jack Sparrow/X

Based on the trader’s chart, he also seems to predict that Bitcoin will skyrocket to $142,000.

At time of writing, BTC is trading for $66,924.

Jack Sparrow is not the only crypto strategist who says Bitcoin looks poised for a massive breakout. Pseudonymous trader Pentoshi tells his 806,200 followers on the social media platform X that Bitcoin appears to have formed a rounding bottom pattern on the weekly time frame.

A rounding bottom structure suggests that an asset is primed for bullish price action as demand picks up over time.

Says Pentoshi,

“BTC

Kinda hard to imagine this doesn’t make a new ATH (all-time high) soon, obviously I thought it was already going to happen and was wrong on the time we would spend in this range.

But this looks really constructive for a new ATH, with the bottom rounding off and having so much time up here.

Hoping for those who have been patient that that is rewarded soon for you all.” 

Source: Pentoshi/X

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