The crypto market, especially the leading cryptocurrency Bitcoin, continues to remain in the bear season. According to cryptocurrency analysts, the weekly chart offers a unique sign of strength. In addition, analysts state that Bitcoin (BTC) may follow stocks in a “big bull run”.
Bitcoin price getting ready to rise again?
Several well-known cryptocurrency analysts say from their latest analysis that it is time to abandon the current bear market narrative. In particular, investors are likely to expect a new bottom for BTC, such as $12,000. However, analysts state that the BTC price should definitely be followed. They also emphasize that it should be evaluated from every angle.
Whether it’s macro or thanks to old Bitcoin price cycles, there are three new reasons for Bitcoin to bounce back after its current state of near two-year lows. Cryptocurrency analysts say that the stock rally is likely to push the BTC price to $110,000.
Analyst Henrik Zeberg explains his price forecast
Macro analyst Henrik Zeberg made a new prediction that includes a macro market catalyst. Zeberg made a Twitter post on November 24. cryptocoin.com As we reported; The FTX crisis weakened the relationship between BTC and stocks. Besides, there is no reason to abandon the idea that he will return again. For Zeberg, the bullish activity removes all expectations. Also, according to the analyst, a recent rally in the crypto market will push the BTC/USD pair above $100,000. Zeberg says:
Bitcoin acts as a Risk Asset. Not like gold!. Bitcoin should reach $90k or $110k as SPX advances towards the 5700 – 6000 target area in the Blow-Off Top.
A graph emerges showing that the rally started at the beginning of 2023.
When are the bulls back?
Crypto-centric triggers and balance volume (OBV) are one of those indicators that give a taste of possible bullish times. According to popular trader Alan Tardigrade, the weekly chart of BTC/USD shows a 20-week bullish divergence. However, in the current situation, he says, now is the time to pay attention.
“This indicates that the downtrend momentum is weakening,” the analyst wrote in part of his Twitter comments:
BTC price could see a massive rally.
An upward move corresponds to Bitcoin’s behavior after the March 2020 COVID-19 cross market drop. OBV acts as a cumulative measure of buying and selling pressure by keeping a tally of volume going on over a period of time. It is similar to the cumulative volume delta, but encompasses more than just bidding and trading requests.
RSI shows bullish trend for Bitcoin
OBV isn’t the only bullish divergence making waves in Bitcoin analytics circles. Bitcoin investor and technical analyst Mags says it is a phenomenon that has emerged for the first time in Bitcoin history. Looking back at the weekly chart, Mags noted that the BTC/USD Relative Strength Index (RSI) is currently trending bullish on weekly timeframes. He also said that this has never been seen before, not even at previous bear market lows:
Every Bull Market Peak BTC has formed a bearish trend in the RSI followed by a bear market correction! BTC is showing a bullish trend for the first time in its weekly history. Probably nothing.
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