Analyst: Bitcoin Looks Now As It Did At the Start of 2019’s Rally
According to the trader that predicted Bitcoin’s breakout at the start of 2019, BTC looks structurally similar to the 2018-2019 bear market bottom:
The trader is saying that should history rhyme, BTC is on the verge of an extended bull run.
Chart of BTC's price action over the past few months from trader b.biddles (@Thalamu_ on Twitter). Chart from TradingView.com
Related Reading: Eerie Fractal Predicts Bitcoin Will Cross Above $12k Again Very Soon
Not the Only Signal Predicting Long-Term Bull Run
The formation of Bitcoin’s candles isn’t the only trend that analysts see as a signal of an impending long-term bull run.
As reported by Bitcoinist previously, Bitcoin’s “Super Trend” on the weekly chart just printed a bullish candle for the first time since the start of 2019’s rally. The trader who made this observation first wrote in regards to the chart below:
Chart of BTC's macro price action with the so-called Super Trend indicator by trader Byznatine General (@Byzgeneral on Twitter). Chart from TradingView.com
Also corroborating the expectation of the start of a longer-term bull trend, one analyst noted that three of Bitcoin’s long-term moving averages are moving higher in tandem. According to his analysis, the last time this happened was in 2016, prior to the 2,000% rally that took BTC to $20,000:
Chart of BTC's macro price action with a long-term moving average analysis by trader "Nunya Bizniz" (@pladizow on Twitter). Chart from TradingView.com
These trends do not 100% confirm that a bull run is imminent. Though, they do show that technically speaking, Bitcoin is more likely to rally than fall.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst: Bitcoin's Recent Surge Looks Like the Start of 2019's 250% Rally
Originally from Bitcoinist.com https://ift.tt/31nKWCe
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