HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bull Run Intact: Long-Term Bitcoin Price Indicator Remains Long

Bitcoin 2019/11/17 19:00 by Nick Chong

As you likely know, Bitcoin (BTC) has been bleeding out over the past few months, drawing down from $14,000 all the way to $8,500, where the cryptocurrency is priced at now. Just a few weeks ago, the asset was trading as low as $7,300.

This price action has made many ask: is Bitcoin really in a long-term bull trend? Could this be the end of BTC’s secular bull market? For some reason, many have floated “no” as an answer to both of those questions.

Though, a number of technical indicators have confirmed that the cryptocurrency market is likely still in a long-term uptrend, no matter what the short-term price action is doing.

Related Reading: Bitcoin Price to Make New High By Early-2021, Investor Declares

Bitcoin Remains in Long-Term Upward Trajectory

Analyst Cow Jones recently noted that the Ichimoku Cloud, a de-facto “all-in-one” indicator that shows long-term trends, recently printed a very bullish signal: the Kumo line flipped from red to green, implying a long-term bull trend has formed. The analyst remarked that “BTC has NEVER failed the Kumo breakout in its entire history on the weekly.”

It isn’t only the Ichimoku Cloud that is favoring long-term bulls.

Per previous reports from NewsBTC, the monumental surge of volumes seen last June, which marked an all-time high, is indicative of a long-term bull trend forming.

Digital asset manager Charles Edwards noted in a Twitter thread that fresh all-time highs in volumes were followed by consolidation, just like we’re seeing now, then “huge rallies”; the growth in volume leading to long-term exponential bull markets that brought Bitcoin to orders of magnitudes higher than it was before the surge.

And to add to that, popular crypto analyst HornHairs noted that the current price action looks very similar to the drawdowns seen in 2017’s bull market, which many used to think were points at which the long-term trend would reverse to bear:

“I still remember the exact moments of each of these stop runs on $BTC during 2017. Each turned out to be a turning point and end of a corrective period in the larger bull run. I can’t help but think we saw the exact same thing happen recently, just on the weekly chart.”

Related Reading: Power Law: Tracking Bitcoin’s Growth to $100K and Beyond
Featured Image from Shutterstock

The post Bull Run Intact: Long-Term Bitcoin Price Indicator Remains Long appeared first on NewsBTC.

0 Like(s)



You should also read...

Bitcoin 16/11/19 21:30 by Nick Chong
Is Bitcoin’s Long-Term Price Uptrend Intact? Research Firm Says So
Bitcoin (BTC) hasn’t been doing all too hot over the past five months. Since June, the leading cryptocurrency has cratered by almost 50%, collapsing from a year-to-date high of $14,000 to $8,500...
Read More
Bitcoin 24/11/19 20:18 by Himadri Saha
Bitcoin Price Headed For $20k – $25k Zone Next Year: Analyst
The crypto market has been a disappointment lately. Lackluster bitcoin price action has intensified overall selling activity. But things are in for a welcome change, as BTC is expected to explode next...
Read More
Altcoins 06/12/19 13:00 by Nick Chong
Why Ethereum Price is Likely to See Strong Upward Breakout Against Bitcoin
As the crypto market has stagnated, all eyes have fallen on Bitcoin, not Ethereum or Litecoin, as the leading cryptocurrency’s next large move will likely determine in which direction this entir...
Read More
Altcoins 03/06/20 03:00 by Nick Chong
Ethereum Is Poised to Surge Above $300 By the End of June, Top Trader Asserts
As of June 1st, Ethereum was up 25% in the past week alone. But right on cue, the cryptocurrency market saw a harsh correction on Tuesday morning that wiped out the gains seen on Monday. Bitcoin crash...
Read More
Bitcoin 06/06/20 22:24 by John Kiguru
Analyst explains why an exponential post-halving Bitcoin rally is yet to be seen
It has been nearly four weeks since the third Bitcoin halving. Many investors expected that there would be a drastic price change by now. But the most we have seen from the crypto leader has been a r...
Read More