As the cryptocurrency market continues to post modest gains after a stressful period for most of its assets, bitcoin (BTC) is no exception, and crypto experts have uncovered an interesting pattern that could be a sign of a promising future for decentralized finance (DeFi). Coins. May indicate a bullish future.
Notably, bitcoin is currently following a similar chart pattern to the previous bottom it reached in 2015, meaning there could be a “massive bull run” in store for the leading digital asset, one according to analysis by leading crypto analyst trader tardigrade, Published on November 23
What are the similarities?
As specified by the expert, the two indicators are most similar: “1. Inverse and logarithmic MACD [moving average convergence divergence] moves above the zero line. and “2. BTC falls into the support zone, which was formed by the upper candlestick of the monthly candle in the previous cycle crest.
The end result, he says, is that:
“What follows is a huge running of the bulls.”
Comparison Bitcoin 2015-2022. Source: merchant tardigrade
At the same time, another pseudonymous crypto analyst, MoustacheAt Emphatically The idea that bitcoin could have a bull run in the future is supported by historical analysis going back even further into the past and observing RHODLs. [realized value HODL waves] ratio:
every time #bitcoin History, when the RHODL ratio left the green zone, the bull market started and fell.
RR🟡 has left the green zone again, but $BTC Creating new lows.
– 🧲 (@el_crypto_prof) November 23, 2022
moreover the user coin loop on the crypto analytics platform crypto quant Saw “a lot of people selling at a loss” which could indicate a low point. However, the analyst added, “the real low comes when more than half of investors lose money throughout the cycle.”
Bitcoin Adjusted Output Profit Ratio (ASOPR) Analysis. Source: crypto quant
as coin loop conclusion:
“Of course, short-term panic can lead to a short-term rally. But will it stay that way in the long run? I do not know yet.
bitcoin price analysis
Meanwhile, bitcoin continues to reject the key resistance level necessary for a bullish move towards $17,500 – $18,000, which crypto trading expert Michael van de Poppe identified around the $16,600 area, according to Finbold. told.
At the time of writing, the first cryptocurrency changed hands for $16,588 according to data obtained on Nov. 24, representing a 0.27% increase over the past 24 hours and a 0.08% increase from seven days ago.
Bitcoin 7-day price chart. Source: finbold
Previously, technical analyst Matthew Hyland, who has been tracking Bitcoin’s 3-day supertrend indicator since January 2022, stressed that the coin would need to reach around $20,200 to break out of the bear market.
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