A well-known crypto analyst has revealed an interesting indicator that suggests a potential rally for Bitcoin. In a recent video, Jason Pizzino, a crypto strategist with a substantial following on YouTube, explains that Bitcoin has historically experienced upward movements when its average true range (ATR) indicator reaches a local low while maintaining consolidation or higher lows.

Pizzino suggests that if Bitcoin can consistently maintain a daily trading range between $1,500 and $2,000 while staying above the $56,000 to $60,000 range, it could signal a breakout to new all-time highs for the cryptocurrency.

To illustrate his point, Pizzino refers to the Bitcoin rally that occurred during the early stages of the Covid-19 pandemic. He highlights that during this period, Bitcoin experienced a stealth move, characterized by higher lows and a decreasing trading range. This indicated that supply was being absorbed and that selling pressure was decreasing, leading to a breakout and significant price surge.

Pizzino also draws attention to TOTAL3, a metric that measures the total market cap of all cryptocurrencies except Bitcoin, Ethereum, and stablecoins. He notes that the sudden breakout witnessed in 2020 is reminiscent of the current market sentiment, suggesting the possibility of a stealth move in the altcoin market.

As of now, Bitcoin is trading at $67,717, experiencing a slight decrease in the past 24 hours.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct thorough research before engaging in high-risk investments in Bitcoin or other cryptocurrencies. Transfers and trades are undertaken at the individual’s own risk, and any losses incurred are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of cryptocurrencies and is not an investment advisor.