Bitcoin indicators point to a bullish market
2023.02.17 09:53
Bitcoin indicators point to a bullish market
In a major warning to bears, a Bitcoin (BTC) price indicator has flashed green for just the fourth time this week.
Mohit Sorout, a crypto market analyst, tweeted on February 16 that the DCA indicator was now “suggesting a raging bull market.”
The DCA indicator, the most recent Bitcoin metric to turn bullish over extended time frames, is even getting attention from major Bitcoin investment circles.
Sorout only saw three buy signals in the history of Bitcoin, all of which prevented significant price gains for BTC.
He wrote in the comments section, “Today marks the fourth time this signal is suggesting a raging bullmarket,” describing the event as “the mother of all btc bullish signals.”
The DCA indicator, the most important bullish signal for Bitcoin, has flashed.
It has only occurred three times in Bitcoin’s history, and each time, huge crowds of
7400% (2015)
160% (2019)
640% (2020)Today marks the 4th time this signal is suggesting a raging bullmarket
An investment strategy known as DCA involves a buyer allocating a predetermined amount of capital to gain exposure to an asset at predetermined intervals. This could mean buying $10 worth of Bitcoin every week, which is frequently hailed as the best strategy for gaining exposure to volatile cryptocurrencies.
The DCA Indicator measures the relative profitability of a possible DCA strategy that involves daily purchases of one dollar for a year.
Sorout argues that major bull markets have historically begun when it crosses into profitable territory, which is represented by 365 on its scale. An exception appears to have occurred in the middle of 2022, when BTC/USD began its ascent to multi-year lows near $15,600 after a move above the 365 mark reversed.
Others, on the other hand, were willing to give the most recent breakout the benefit of the doubt despite the growing belief in Bitcoin’s 2023 recovery.
In a repost of Sorout’s findings, 10T Holdings founder and CEO Dan Tapiero declared, “Rare massive Bitcoin Buy signal.”
According to Cointelegraph, in addition to DCA, the Williams %R oscillator provides a rare bull signal this month.
However, its Bitcoin bull run signals do not yet point unambiguously to the moon, depending on the timeframe.
The breakout was pointed out by senior Cubic Analytics market analyst Caleb Franzen, who now warns that Bitcoin’s most recent trip to six-month highs is a “failed breakout.”
The overhead of several moving averages (MAs) presents a significant obstacle for the largest cryptocurrency throughout much of 2022.
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