2019-12-23 15:00 |
Bitcoin hasn’t done over the past few months. Since peaking near $14,000 in June of this year, the price of the leading cryptocurrency has fallen off by 50%, tumbling under the pressure of an overextended market and bulls taking profit.
For some reason or another, there are analysts that expect this pain to persist, citing an array of technical and fundamental factors — like the existence of the PlusToken scam dumping BTC and ETH on the open market — some are starting to conclude that it is only a matter of time before Bitcoin reverts to a bull phase.
Related Reading: CME Futures Data: Institutions Still Wary Despite Bitcoin’s Bullish Signs Bitcoin Ready to RoarAccording to prominent cryptocurrency chartist Dave the Wave, Bitcoin’s one-week Moving Average Convergence Divergence (MACD) — the MACD is a lagging trend indicator used by many technical analysts — is likely going to see a crossover early next year after trending lower for the next two months:
“Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle,” the popular trader wrote.
Bullish MACD readings on Bitcoin’s one-week chart marked the start of previous bull runs, including the miniaturized one seen from March of this year to July.
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 half way through the next cycle already. pic.twitter.com/7lSBthYqPt
— dave the wave (@davthewave) December 23, 2019
This comes shortly after he remarked that his price target’s for the cryptocurrency market’s de-facto “M1, M2, and M3” readings have recently hit his retracement targets: M1, Bitcoin’s market cap, has seen a 50% retracement; M2, the total market cap, a 61% retracement; and M3, the altcoin market cap, a 78% retracement.
These retracement values are Fibonacci Retracement values, making them notable in the eyes of technical analysts. For Dave, the fact that these measures have reached those retracements implies crypto may soon rebound.
So why should we listen to Dave?
Well, this trader is the one that called for rationality to return to the crypto markets when BTC was trading above $10,000, claiming the move was a clear overextension of BTC’s long-term growth curve and standards. He went as far as to say that Bitcoin was poised to return to $6,700 — this was months ago.
The fact that a trader who called the recent drop months in advance is now bullish should mean something.
Related Reading: What’s Next for the Bitcoin Blockchain? Top Developer Weighs In Far From Only Bullish SignDave the Wave’s analysis of the one-week MACD isn’t the only signal implying that Bitcoin is ready to return to a bullish state.
According to the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, miner capitulation has ended.
The reversal of the miner capitulation comes on the back of cryptocurrency data sites registering that the Bitcoin network’s hash rate recently hit an all-time high, seemingly reverting the capitulation that was taking place.
Relate Reading: XRP is Down 95% from Its 2018 Peak; What’s Next for the Embattled Crypto? Featured Image from ShutterstockThe post What Bear Market? Why Bitcoin is Ready to Enter Next Bull Phase appeared first on NewsBTC.
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