Analytics
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The experts found that Bitcoin is currently following the same pattern as before the previous bottom in 2015. Accordingly, the flagship digital asset can expect a strong bullish growth, according to Trader Tardigrade crypto analyst.
He noticed that two indicators are the most similar: “1. Inverted and Logarithmic MACD [схождение-расхождение скользящих средних] moves above the zero line. and 2. BTC hits the support zone created by the upper wick of the monthly candle at the top of the previous cycle.”
This will be followed by a strong BULL RUN [бычье ралли]added the analyst.
Bitcoin price dynamics for the period 2015-2022. Source: Trader Tardigrade
Another cryptanalyst under the pseudonym Moustache also expressed the opinion that in the future Bitcoin will be on the rise, which is confirmed by statistics:
Every time in the history of bitcoin, when the RHODL ratio went out of the green zone, a bottom was reached and a bull market began. Now RRO is out of the green again, but BTC is setting new lows.
Manipulation? I think once the final bottom is reached, BTC and the cryptocurrency will rise strongly.
User CoinLupin noted that “a lot of people are selling at a loss”, which could indicate a bottom. The analyst added that “the real bottom comes when more than half of investors for the entire cycle, including this one, lose money.”
Bitcoin has adjusted its exit profit ratio (aSOPR) analysis. Source: CryptoQuant
As crypto trader Michael van de Poppe pointed out, Bitcoin has broken the critical resistance level needed to start a bullish rally to $17,500-18,000.
Previously, technical analyst Matthew Hyland, who has been following Bitcoin’s 3-day supertrend indicator since January 2022, argued that the token would need to reach $20,200 to exit the bear market.
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