Bitcoin (BTC) enthusiasts have reason to be optimistic, as the cryptocurrency appears to meet the prerequisites that have historically heralded an explosive rally to new all-time highs.
TechDev, a well-known cryptocurrency analyst known for the insights he shares on social media platformThree-pin signal”, these are the three indicators before the previous BTC bull market.
Bitcoin: Three aspects of promise
TechDev’s three-pronged signals include the proprietary “Global Liquidity Signal”, Moving Average Convergence Divergence (MACD) and Monthly Swirl. A comprehensive analysis of these indicators reveals a strikingly similar pattern to the 2015-2016 market cycle.
The first is TechDev’s “Global Liquidity Signals,” which assesses the balance sheets of major central banks relative to the U.S. Dollar Index (DXY) and China 10-Year Bonds (CN10Y). By measuring the global cycle of U.S. dollar liquidity, this indicator provides insights into the economic forces at play.
The second aspect, MACD, is a well-established trend reversal indicator that recently turned bullish, reinforcing the view that Bitcoin price may rise. is on the cusp of a significant rise.
BTC market cap currently at $511.5 billion. Chart: TradingView.com
The third aspect, the monthly vortex, has also moved into bullish territory, with growing evidence that Bitcoin is about to have an exciting ride ahead.
Recovery rally underway
While TechDev’s analysis generated buzz in the cryptocurrency community, other reports also pointed to a positive outlook for Bitcoin.According to a recent Bitcoin Forecast Reportcryptocurrencies are currently in an overall upward trend, indicating a recovery rebound.
Despite the volatility, the psychological level of $26,000 has proven to be a resilient support for Bitcoin, with profit-takers making a brief appearance.
If buying pressure continues above this level, Bitcoin could surge higher, meeting resistance between the 200-day and 50-day exponential moving averages (EMA), with a confluence around $26,933, before targeting the 100-day EMA $26,962.
According to the data, Bitcoin is currently trading at $26,304 Coin Gecko, up 0.5% in the past 24 hours and down 2.0% in 7 days. Despite short-term volatility, the convergence of bullish indicators and historical precedent for Bitcoin’s rising pattern have infused optimism among cryptocurrency enthusiasts.
With Bitcoin price action being closely watched, the alignment of these three indicators sets the stage for another explosive rally to all-time highs, much to the delight of cryptocurrency investors and enthusiasts.
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