A lot of investors and traders would have claimed that the Bitcoin bull market was confirmed when the price of Bitcoin rose to $8,000 fourteen days ago. The one year chart reveals some signs of recovery, and according to some technical indicators, things have turned around for the longer term.
The price of Bitcoin has increased again, while traders are still waiting for a reduction in price that is yet to happen. The price of Bitcoin $8679.38 +0.28% hit resistance again at over $8,900 before it returned to its channel some hours ago.
Bitcoin Price Prediction – Four closes beyond the 50-week moving average
Crypto aficionado has observed that BTC has closed four weekly candles beyond the 50-week moving average. “Four weekly closes above the 50 weeks MA has never failed to initiate a bull run.” The previous bull runs were triggered by this pattern. for more than a year now, the multiple moving average Guppy just flashed green for the first time. This technical indicator combines both short and long term moving average.
The three-day super Guppy’s shift to the green could indicate that there is a larger uptrend forming. According to Trader Josh Rager:
“While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for a continuation and that dips are buying. The last time the 3D flipped green it led to a 25 month uptrend.”
According to the long term indicators, the crypto markets and Bitcoin is yet to experience bigger things. Although the parabolic chart pattern is unhealthy, there is a need for correction and many people are waiting for this opportunity.
For the past few months, Bitcoin has continued to be at its highest share since 2017 massive bull run