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Bitcoin (BTC) could be set for historic gains thanks to a simple trend line breakout, a popular trader hopes.

In a Twitter discussion on May 5, Titan of Crypto flagged a rare bull signal on the Bollinger Bands indicator for the Bitcoin monthly chart.

Bitcoin price may see "inexorable breakout"

BTC price action currently impacts sentiment in different ways across various timeframes. While observers are unsure about short-term moves, zooming out, consensus remains that Bitcoin’s upside mostly lies ahead as the block subsidy halving approaches.

When it comes to tracking what comes next, however, it may be enough to look at halving cycles past — specifically, volatility.

As Titan of Crypto notes, Bollinger Bands on monthly timeframes are setting up a repeat of a breakout event that has occurred only once in each cycle.

A transaction on the Ethereum blockchain is technically initiated by an external account owner (not a contract). For example, if User A sends 1 Ether (ETH) to User B, the action of debiting from one account and crediting to another changes the blockchain’s state.

The change specifically takes place on the Ethereum Virtual Machine (EVM). Ethereum transactions need to be broadcast to the entire network, and any node can broadcast a request for the execution of a transaction on the EVM.

After broadcasting the request, a validator can then execute the transaction and propagate the state change to the whole network. Transaction fees are incurred during the process of validation, and each transaction must be included in a validated block. There are different types of transactions on the Ethereum network:

How to check the status of an Ethereum transaction

Here’s a brief step-by-step guide on how to track Ethereum transactions:

Step 1: Select an Ethereum blockchain explorer

Confidence in the United States financial system seems to be eroding fast with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem.

The U.S. equities markets have become vulnerable to adverse news on the regional banks as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000.

Bitcoin is not the only outperformer. Gold had risen close to its all-time high during the week. This shows that Bitcoin is currently behaving as a safe-haven asset and investors are adding it to their portfolio along with gold.

Could Bitcoin overcome the barrier at $31,000 and extend the up-move? Will the altcoins follow Bitcoin higher? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears. Usually, the trend that was in force before the formation of the triangle tends to resume. That means the price is likely to break out to the upside.