Analysts allowed the formation of a bullish phase in bitcoin

analytics
analytics

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.

Analysts admit bitcoin's transition to the early stage of the bull market
Data: LookIntoBitcoin.

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.

Analysts admit bitcoin's transition to the early stage of the bull market
Data: LookIntoBitcoin.

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.

Analysts admit bitcoin's transition to the early stage of the bull market
Data: LookIntoBitcoin.

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.

Analysts admit bitcoin's transition to the early stage of the bull market
Data: LookIntoBitcoin.

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.

Analysts admit bitcoin's transition to the early stage of the bull market
Data: LookIntoBitcoin.

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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