Bitcoin may have entered a new bullish phase as many market participants have “dropped out” in recent months. However, the risk of a rollback and testing of recent lows remains, experts admitted. LookIntoBitcoin.
The technical picture is encouraging. Despite the likelihood of the upside wave fading in recent weeks, there is a good chance of reaching the 200-week WMA at the level of $24,690, experts pointed out.
In October-November indicators Cumulative Value Days Destroyed (CVDD) and balanced price pointed to a high probability of reaching a cyclical bottom quotes. With each subsequent day after the price rebounds from the key values of the metric, the chances of the rally continuing grow, the specialists emphasized.
Pewell’s multiplier dropped into an accumulation band. This situation usually coincides with the bottom in conditions where some miners have no choice but to force sell bitcoins at a low price.
Currently, the indicator is exiting the accumulation band, which historically meant a change from a bearish phase to a bullish one.
The Hash Ribbons metric also points to miner financial stress easing and the potential for continued positive price momentum, at least in the short term.
Hash Tape Crossing (30-day DMA bottom-up 60-day DMA) indicated a long-awaited “breather” for the industry. The signal often coincides with a short-term price reduction due to the return of confidence to the miners, but has a positive effect in the long run due to a reduction in forced sales.
The bottom is also indicated by the MVRV Z-Score. Analysts have called such moments the words “it’s all over” – such thoughts can arise at this moment among panic-prone investors and newcomers.
Recall that Glassnode analysts pointed to the likely achievement of a local maximum of bitcoin.
Earlier, Bloomberg strategist Mike McGlone predicted that the Nasdaq Composite index would drop below the 200-day moving average, which could delay the rise in the price of digital gold.
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