Bitcoin Indicator Points to Possible Massive Bull Run
Bitcoin (BTC) has been trading sideways with minimal volatility, but indicators suggest the possibility of a massive bull run in the coming months. The moving average convergence divergence (MACD) indicator for Bitcoin is showing similar behavior to September and October 2020, which preceded an all-time high (ATH) in the following months. Analyst Trader Tardigrade explains that the MACD and signal line are twisting after the MACD turned up and passed above zero, indicating a potential bull run that could break previous records and peak around $145,000.
Another Promising Indicator for Bitcoin
Crypto analyst CryptoCon notes the presence of a signal called the ‘Monthly TD Sequential Golden 7,’ which often indicates an impending bullish trend in the Bitcoin market. This signal has completed its seventh setup phase in 2023, further supporting the possibility of a bull run.
Factors Affecting Bitcoin Price
Bitcoin’s price currently sits at $29,388, with no change in the last 24 hours, a 1.27% increase over the past week, and a 3.10% decline on the monthly chart. Market strategist Gareth Soloway highlights two factors that could impact Bitcoin’s price in the coming months: the historical correlation with government bond yields and the approval of a spot BTC exchange-traded fund (ETF).
Hot Take
While Bitcoin has been trading sideways recently, indicators such as the MACD and the ‘Monthly TD Sequential Golden 7’ suggest the potential for a massive bull run. If these indicators hold true, Bitcoin could break its previous all-time high and reach new peaks, potentially reaching around $145,000. Investors should carefully consider these indicators and market trends before making any investment decisions.
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