Bitcoin analysts have come out in droves recently to support the world’s largest cryptocurrency as it moved above the $7000 barrier. With the industry betting on a bearish market for Bitcoin, some proponents opined that the bull was right around the corner.
Davethewave, a famous cryptocurrency analyst, predicted that the capital inflow into the BTC market was a positive marker as the year is about to close. His tweet read:
“Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle. Believe it or not, if the cycle is to be measured peak to peak, we may be near halfway through the next cycle already.”
The MACD indicator included the signal line and the MACD line, whose movements represented bullish or bearish crossovers. The bullish crossover was a sign that the cryptocurrency had the potential to hit a price blowout soon.
The Relative Strength Index was in the middle of the graph representing the increasing buying pressure for BTC. Since the start of December, this is the first time that the RSI had risen significantly towards the overbought zone.
The Bollinger bands ran parallel to each other after a massive price crash represented by the depleted Bollinger cloud. The parallel hold of the upper Bollinger band and the lower Bollinger band signified that the price movement would remain stagnant for some more time. Davethewave even stated that if the next Bitcoin peak was $100,000, then the current price was already en route to the final destination. In his words:
“What would have been over 30x at the 3K bottom is now half that – nearly 15x. Of course, you could always look to leverage the alts a little …. and analysts are still worried about a ‘bear market’?”
The move-up started explosively and predictably corrected 50 percent of that move to set up a good base. Even though the calls were positive, some Bitcoin holders were afraid that the current patterns were similar to that of June 2018.
During June of last year, the prices had moved sideways till a collapse in November caused the industry to run helter-skelter. The latest 5 percent in price has been seen as a Christmas miracle with a majority of the community keeping their fingers crossed for a robust yearly close.
Just last week, the Bitcoin price had fallen to the lows of $6500 after a sudden jump caused speculations about Bitcoin mining costs to run rampant.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.