Analyst says Bitcoin has flashed an ‘extremely rare’ breakout signal
In this news:
Key takeaways
- An analyst notes a rare technical signal where Bitcoin's 28-day price action stayed within one daily candle.
- BlackRock recorded significant net cash inflows for its iShares Bitcoin Trust and filed for a new ETF.
- Bitcoin traded around $81,362 following a slight 2% decline over a 24-hour period.
Although Bitcoin (BTC) has been in a choppy consolidation over the past four weeks through October 20, 2026, popular pseudonymous crypto analyst Super฿ro, or SuperBitcoinBro, expects a massive bull run soon, catalyzed by an ‘extremely rare’ setup.
The analyst highlighted that the Bitcoin price has now closed the past 28 days inside the body of one daily candle. SuperBitcoinBro pointed out that this signal has happened 5 times since the inception of Bitcoin, and each time it always continued in the direction of the initial breakout.
Some of the instances that Super฿rob used to support this thesis include the post Covid-19 market crash, and before the November 2018 selloff.
As a result, the analyst forecast a big move for the flagship coin, especially if its buyers aggressively accumulate at the support level near the base, at approximately $81,115.
“If this pattern continues, then right here near the bottom of the range is about the best R/R you are going to get, and the ensuing move is likely to be massive,” SuperBitcoinBro noted in an X post on Tuesday.
Bitcoin fundamentals on October 20
Despite Bitcoin price falling nearly 2% over the last 24 hours, trading at $81,362 at the time of writing, BlackRock Inc. (NYSE: BLK) has reiterated its long-term conviction.
In addition to iShares Bitcoin Trust (IBIT) recording a net cash inflow of $665.20 million on October 19, BlackRock filed with the United States Securities and Exchange Commission (SEC) for a new BTC exchange-traded fund (ETF) dubbed iShares Bitcoin Managed Protection ETF (PBIT).
As such, the U.S. Bitcoin spot ETFs closed Monday with their highest daily cash inflow in a month, of $526.60 million, according to data Finbold fetched from SoSoValue.
BTC price performance today
Bitcoin saw its market capitalization decline 1.83% over the last 24 hours, ranging at around $1.63 trillion at press time, based on metrics from CoinMarketCap.
The crypto asset’s 24-hour average trading volume stagnated at roughly $24 billion.
Nonetheless, SuperBitcoinBro believes that Bitcoin’s price is on the cusp of a major uptrend, potentially driven by renewed institutional demand.
Share the article:
Trending News & Crypto World
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$1.000
Market Cap
$3.1B -0.01%
24h Volume
$565.7M
Supplies
3.1B / ∞
Current Price
$272.19
Market Cap
$3.1B 4.58%
24h Volume
$184.8M
Supplies
21.0M / 21.0M
Current Price
$0.000005189
Market Cap
$3.1B 4.12%
24h Volume
$47.2M
Supplies
589.5T / ∞
Current Price
$0.05850
Market Cap
$2.9B 3.77%
24h Volume
$5.9M
Supplies
99.0B / 100.0B
Current Price
$193.70
Market Cap
$2.8B 2.69%
24h Volume
$80.2M
Supplies
14.6M / 14.6M
Current Price
$1.000
Market Cap
$2.8B 0.03%
24h Volume
$112.2M
Supplies
2.8B / ∞
Current Price
$0.2065
Market Cap
$2.8B 11.54%
24h Volume
$320.9M
Supplies
15.0B / 15.0B
Current Price
$1.639
Market Cap
$2.5B -6.82%
24h Volume
$46.5M
Supplies
10.0B / 10.0B
Current Price
$116.13
Market Cap
$2.4B 2.57%
24h Volume
$22.0M
Supplies
21.0M / 21.0M
Current Price
$155.11
Market Cap
$2.4B 5.36%
24h Volume
$247.4M
Supplies
16.0M / 16.0M
Current Price
$1.141
Market Cap
$2.4B 0.01%
24h Volume
-
Supplies
2.1B / ∞
Current Price
$1.000
Market Cap
$2.4B 0.00%
24h Volume
$131.2M
Supplies
2.4B / ∞