While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.
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Massive Bitcoin Bull Sign About to Flash
Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:
The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 — in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.
If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.
#bitcoin lets pay attention here it is a brand new week , BUT since $4200—-> For the first time weekly FTransform pushing above zero – near bands . it will be interesting weekly close. ( FT acts by bar close) ? pic.twitter.com/c6F9KmNwlT
— Moe (@Moe_mentum_) January 27, 2020
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Here Are a Flurry of Other Positive Signs
It isn’t only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.
Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, well, trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019.
More specifically, the metric has hit a “10” on a long-term basis, with the metric’s maximum being 100. The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high.
1/ Googling for "Buy Bitcoin" just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:
Nov '13 (bull top),
May '17 (price on parabolic run-up),
Jun '19 (medium-term top)
>Feb '20 (price on parabolic run-up?) pic.twitter.com/tkdXIEvM3Q— CryptoKea (@CryptoKea) January 20, 2020
He added that the “long-term upwards trend” for this metric, which is correlated with growth in the price of Bitcoin, is “undeniable,” pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.
Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.
So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months’ time.
Featured Image from Shutterstock
