Finally, Bitcoin has shown signs of life and 20 per cent of the almost two weeks ago reached a trough at $6.800 recovered. Although this recent price action of some analysts, is dismissed as a “relief rally,” suggests that more and more indicators to the fact that BTC and the rest of the crypto-markets are on the verge of re in a significant bullish Phase.
Is reached the low point?
In the last few weeks, many analysts have asked whether or not the leading crypto-currency has actually reached in mid-December, a Macro-time low in of $6,400, as she removed a 20-percent jump again from this level.
New analysis shows that the low point has been reached and, therefore, the prerequisite for the next stage of Growth created.
Trader Byzantine General to draw attention to the graphic below, which he released via Twitter.
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As he shows, have Bitcoins most recent price action and the one-week Relative Strength Index is exactly the same pattern as in the previous market cycle, with an RSI break below 40 in a bear market, followed by a recovery rally and a perfect Re-Test of 40, the next bull market to begin.
Not to mention the fact that Murad Mahmudov, CIO of the Bitcoin Fund Adaptive Capital, commented on Twitter that BTC is not a case, much deeper, because “as crazy as it sounds, the 53-percent decrease of $13.888 on $6.410 was not a full Bitcoin bear market, but rather, without irony way, just a correction in the middle of the bull cycle”.
Confirms this assertion by means of On-Chain data from Mahmudovs Partner, Willy Woo of Adaptive Capital. Writes in a viral Tweet that data to bitcoin investors activities show clear signs of a revival of the bull market.
Are we in a $BTC bear market?No, we are in the re-accumulation phase of a bull market. pic.twitter.com/OcMyxA4EIY Willy Woo (@woonomic) December 28, 2019
Bitcoin is preparing to climb higher
The soil was confirmed. So there are signals, after which Bitcoin will soon explode higher? For a number of prominent traders, even some.
The “Lucid Stop-and-Reversal”System, for example, printed recently for the first Time since March 2019, a buy-signal on the Bitcoin weekly Chart – prior to the 330-percent rally, which shocked the collective crypto-currency world.
This Signal was also in the past already eerily accurate, as it was prior to the Bitcoins 50% decrease ($6,000 to 3.150 $, and the end of 2018) bearish, as well as a purchase lag output signal, as a BTC in July 2017 in the case of the $ 2,700, which was preceded by a 670-percent recovery.
What relates to the less technical side of things, so Bitcoin is now approximately four months before the next block reward reduction the so-called far – halving. Prominent investors, including former employees of Goldman Sachs are convinced that this event, bitcoin supply and demand will affect the dynamics in such a way that the price goes up dramatically.
Bitcoin, currently at # 1 on the market capitalisation, has risen in the last 24 hours by 0.07%. BTC has a billion and a market capitalization of $147,99 billion, with a 24 hour volume of $22,51