A popular cryptocurrency analyst has predicted a “massive bull run” is set to be seen in the near future after the flagship cryptocurrency Bitcoin ($BTC) formed a bottom pattern that was last seen back in 2015.
According to pseudonymous cryptocurrency analyst Trader Tardigrade, Bitcoin is currently in the same situation it was in during the 2015 bottom, as its inverted and logarithmic Moving Average Convergence divergence (MACD) indicator has moved above its zero line while its price fell onto a support zone which was created by the upper wick of a monthly candle seen in the previous cycle’s top.
#Bitcoin is currently at the same situation as 2015 bottom.1. Inverted and Logarithmic MACD moves above zero line.2. $BTC falls onto the support zone, which created by upper wick of monthly candle in previous cycle top.Massive BULL RUN follows.🚀 pic.twitter.com/zYfKoF19tX
— Trader Tardigrade (@TATrader_Alan) November 23, 2022
It’s worth noting that the MACD indicator is a trend-following momentum indicator that “shows the relationship between two exponential moving averages (EMAs) of a security’s price.” Its signal line, which the analyst used, is a nine-day EMA of the MACD line, which is itself calculated using a 26-period and a 12-period EMA.
Another popular pseudonymous cryptocurrency analyst going by Moustache on the microblogging platform Twitter pointed to another indicator suggesting $BTC has bottomed out. Per the analyst, every time in Bitcoin’s history its RHODL indicator left the green zone, a bull market started shortly after.
Every time in #Bitcoins history, when the RHODL ratio left the green zone, the bullmarket started and the bottom was in.RR🟡 has left the green zone again, but $BTC is making new lows.Manipulation? I think, once the final bottom is reached, $BTC and crypto will rise heavily. pic.twitter.com/IrCFvfLdhN
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 23, 2022
RHODL stands for realized value HODL waves, which are “different age bands of UTXO’s [unspent transaction outputs] weighed by the Realized Value of coins within each band.” Realized Value, it’s worth noting, is the price of users’ BTC on-chain when they were last moved from one wallet to another.
As CryptoGlobe reported, in a recent interview Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal”), predicted how low the Bitcoin price could go in the short to medium term. McGlone pointed to the $10,000 to $12,000 area.
Notably, institutional investors are taking advantage of the “extreme price weakness” being seen in the cryptocurrency space after the collapse of the popular cryptocurrency exchange FTX and its sister company Alameda Research.
According to CoinShares’ Digital Asset Fund Flows report, cryptocurrency investment products have seen their largest inflows in 14 weeks last week, totaling $42 million. The inflows, the firm wrote, started later in the week after crypto prices collapsed over FTX’s liquidity crisis.
Featured Image via Unsplash
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