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bitcoin officially bull market
Nexo Logo

Bitcoin is Officially About To Enter a Bull Market

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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Bitcoin has been locked in a bear market for over two full years now, but according to a long-term trend and momentum signaling indicator, the first-ever cryptocurrency is about to officially enter a bull market for the first time since the crypto bubble popped.

MACD Signals That Bitcoin Is About To Officially Enter Bull Territory

As the saying goes, what goes up, must eventually come down.

And that’s exactly what happened to Bitcoin and the rest of the crypto market following the 2017 crypto bubble collapse.

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After Bitcoin’s meteoric rise swept the world, investors flocked to the emerging asset in a FOMO-driven fury. The feverish buying activity drove the price of the cryptocurrency even further upward, causing it to go parabolic and reach an all-time high of $20,000 on December 17, 2017.

But since then, it’s been pretty much all downhill for crypto investors.

Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack 

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Bitcoin corrected by over 80%, a common retracement target for assets that have gone parabolic, after the said parabola breaks.

Altcoins fared even worse, with many falling over 90% in value from their all-time high prices.

But just as the year turned anew, Bitcoin and altcoins have been rallying, breaking free from downtrend resistance and spiking by over 40% in value in less than 30 days.

Well, aint that a sight for sore eyes – weekly MACD bullish cross, turned green on the histogram AND this time the MACD is high just below the zero line… about to enter official bull territory [positive]. pic.twitter.com/1XNr7dqKmE

— dave the wave (@davthewave) January 27, 2020

The bullish momentum has caused some important trend-following technical analysis indicators to begin to turn upward, signaling that not only should Bitcoin’s rally continue in the near future, but it “officially” signals the start of the next bull run.

For this to occur, however, Bitcoin just has a few ticks to go on the monthly MACD. According to the indicator, Bitcoin is just below the zero line and heading upward.

Once Bitcoin breaks above the zero line on the monthly MACD, the bull market is on, and Bitcoin could take off like a rocketship towards the moon once again.

These Levels Must Be Breached For Full Bull Run To Begin

While indicators are beginning to signal that the crypto winter will soon be over, the cryptocurrency still has a few important levels to contend with and overcome to be out of a downtrend.

Bitcoin must reclaim highs over $10,000 on weekly price charts, and above that will still have to contest with resistance at $14,000 – back where the leading cryptocurrency by market cap was rejected in late June, starting a second, shorter downtrend that has only now just concluded.

Related Reading | Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And It’s Mega Bullish 

If Bitcoin makes it above those levels and had the momentum of the MACD behind it, the cryptocurrency will likely be targeting its previous all-time high next.

Tags: bitcoinBull MarketMACDmonthly
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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