Bitcoin (BTC) appears poised to conclude its current price consolidation phase, as it has transitioned into a notably bullish territory within its market chart. Analysts posit that it is increasingly likely for Bitcoin to reach a new all-time high (ATH), suggesting that a robust bull run may be on the horizon for the premier cryptocurrency. Recent observations indicate strong signals that support this bullish sentiment among traders.

Prominent market analyst and trader, Jelle, has made a significant prediction regarding Bitcoin’s trajectory. In a recent tweet, he asserted that BTC continues to operate within a megaphone structure, located above the critical weekly support level. This chart formation has prompted Jelle to forecast that Bitcoin may conclude the year on a substantial upswing, targeting the ambitious price level of $90,000.

The megaphone structure serves as a vital analytical tool for assessing market dynamics. Characterized by diverging lines amidst periods of heightened volatility, this inverted symmetrical triangle often suggests increasing uncertainty during trading. However, it may also signal a transition toward a potential trend reversal.

Bitcoin has recently been trading laterally, facing resistance at the $63,000 price point. Nonetheless, the emergence of the megaphone pattern indicates that a significant price breakout may be imminent, potentially leading to a substantial rally.

Currently, Bitcoin is trading at $59,547.71, reflecting a modest decrease of 0.2% over the past 24 hours. The daily trading volume has similarly dipped by 1.44%, totaling approximately $33.4 billion. Despite these minor fluctuations, the formation of the megaphone pattern has instilled a sense of optimism among traders, who are eager for a transformative trend reversal for Bitcoin.

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