Bitcoin Set to Repeat Bullish Crossover from Monumental 2016 Rally After 8 Years of Anticipation

Bitcoin ETF Hype Pushing Prices Higher

The Bitcoin price is currently experiencing a surge due to the hype surrounding the potential approval of a Bitcoin ETF. However, there is another key indicator that is flashing bullish and could lead to even more gains. This indicator is a rare bullish chart pattern that hasn’t been seen since the epic rally in 2016.

Key Indicator Flashing Bullish

A popular crypto analyst named Moustache has identified a key moving average crossover that is about to occur. On the 3-week timeframe, Bitcoin’s 21-period exponential moving average (EMA) is on the verge of crossing above its 50-period simple moving average (SMA). This type of crossover hasn’t happened since 2016, when it preceded Bitcoin’s historic surge to $20,000.

What a Bitcoin Price Rally Could Mean

If Bitcoin can confirm this moving average bullish crossover, it could be a sign of substantial upside potential, despite already being priced around $50,000. While skeptics doubt the continued upside for Bitcoin, a convincing bull signal like the one in 2016 could quickly turn the market bullish.

It’s important to monitor this under-the-radar indicator along with the potential regulatory approval of a Bitcoin ETF. Fresh catalysts like technical signals will be needed to sustain upward momentum, even if an ETF is approved.