Former Morgan Stanley analyst William Noble suggested that Bitcoin (BTC) may have entered an uptrend towards $56,000.
Noble, known for his bull prediction in 2020, told CoinDesk that he drew attention with his predictions and ideas about Bitcoin’s price action. An upside break on the Nasdaq chart, pointing to bullish signals in traditional markets. “bull flag” in bitcoin 56k run He stressed that it was a driving force for him.
In his speech, the analyst stated that the bears lost power and the bulls started to take the wind behind them. Nasdaq of the graph that you broke the bull flag underlined. Noble, the decline in the last 11 months A fix for the Nasdaq between Bitcoin and Nasdaq. 90 days correlation coefficient to 0.75 While expressing that the year 2023 will go well, he made the following statement:
In other words, there may be a new bull market similar to the last bull market in stocks. 2023 could be a surprisingly good year for both crypto and stocks.
widely followed RSI indicator Pointing out, the analyst stated that the weekly chart has confirmed that the downtrend is over. Thinking that the long-term horizontal consolidation is over, Noble said that the upward momentum started. It will turn into a parabolic movement. and stated that it will increase it more than 2 times:
Bitcoin is emerging from a long bottom formation. There is a saying, the larger the base, the higher the area. The price broke the consolidation resistance, Bitcoin could start another parabolic move towards $56,000.
CoinGecko according to data in the last 24 hours 8.2% bullish performance At the time of writing, BTC exhibiting From 24 thousand 580 dollars ihe’s dealing.