Looking at Bitcoin at various timeframes: back to all-time highs, or a retrace back to the 200DMA?

Bitcoin can seem sort of unpredictable due to the short-term volatility, but back in 2023 if you eyed that October volume you could have made a bet on the probability of crypto making a bigger move reverting back to $40-50k+.

And now that it has surpassed the previous all-time highs (hi, haters!), crypto bulls are hoping for an even bigger bounce back after that mini dip down to a low of $56,479 from the highs $73,836.19.

So while nothing is ever certain, I do have reason to believe Bitcoin will be back at ATH relatively soon, rough estimate by mid to late June. The monthly chart alone looks similar to gold’s macro breakout pattern with a strong-looking cup and handle, so it’s not too wild to predict Bitcoin could be headed to $100k.

Let’s take a look at various time frames of BTC and examine closer:

Bitcoin daily chart:

Bitcoin reclaimed the 10DMA on the daily chart and is now above the 50DMA which has me bullish. If it can break the 70k resistance and make that support, bulls could be likely to see their previous ATH $74,826. I’d be looking for a 10DMA crossover to the 50DMA for the bullish signal.

Bitcoin weekly chart:

Check out that clean cup and handle that has me reminiscent of the gold futures macro all-time chart before it had its big breakout. Not to mention, there was a golden cross recently where the 10DMA crossed over the 200DMA back in January-February. If it can stay above $65,321 aka the 10DMA on the weekly, I’m bullish for new ATH.

Bitcoin monthly chart:

Bitcoin monthly is pretty similar to the weekly with that clean cup and handle breakout that looks like it wants to rip higher. The 10DMA crossing over the 50DMA back in October signified the end of 2023 run, and now it showed strength holding above the 10DMA ever since. The previous month of April’s resistance is about roughly $73,100, so if we can pass that level in May I am mega-bullish.

Bitcoin hourly chart:

On the hourly chart I see an inverse head and shoulder pattern that has me super bullish. Although it is the shorter-term chart, the macro charts being bullish looks like this could be breaking out in the next few days or so.