• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

What Bear Market? Why Bitcoin is Ready to Enter Next Bull Phase

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 3min read
Despite 50% Crash, Bitcoin Still Up 96% in 2019; Can Bulls Maintain Uptrend?
Advertisement
Listen to Article

Bitcoin hasn’t done over the past few months. Since peaking near $14,000 in June of this year, the price of the leading cryptocurrency has fallen off by 50%, tumbling under the pressure of an overextended market and bulls taking profit.

For some reason or another, there are analysts that expect this pain to persist, citing an array of technical and fundamental factors — like the existence of the PlusToken scam dumping BTC and ETH on the open market — some are starting to conclude that it is only a matter of time before Bitcoin reverts to a bull phase.

Related Reading: CME Futures Data: Institutions Still Wary Despite Bitcoin’s Bullish Signs

Bitcoin Ready to Roar

According to prominent cryptocurrency chartist Dave the Wave, Bitcoin’s one-week Moving Average Convergence Divergence (MACD) — the MACD is a lagging trend indicator used by many technical analysts — is likely going to see a crossover early next year after trending lower for the next two months:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle,” the popular trader wrote.

Bullish MACD readings on Bitcoin’s one-week chart marked the start of previous bull runs, including the miniaturized one seen from March of this year to July.

Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle.

Believe it or not, if the cycle is to be measured peak to peak, we may be near half way through the next cycle already. pic.twitter.com/7lSBthYqPt

— dave the wave (@davthewave) December 23, 2019

This comes shortly after he remarked that his price target’s for the cryptocurrency market’s de-facto “M1, M2, and M3” readings have recently hit his retracement targets: M1, Bitcoin’s market cap, has seen a 50% retracement; M2, the total market cap, a 61% retracement; and M3, the altcoin market cap, a 78% retracement.

These retracement values are Fibonacci Retracement values, making them notable in the eyes of technical analysts. For Dave, the fact that these measures have reached those retracements implies crypto may soon rebound.

So why should we listen to Dave?

Well, this trader is the one that called for rationality to return to the crypto markets when BTC was trading above $10,000, claiming the move was a clear overextension of BTC’s long-term growth curve and standards. He went as far as to say that Bitcoin was poised to return to $6,700 — this was months ago.

The fact that a trader who called the recent drop months in advance is now bullish should mean something.

Related Reading: What’s Next for the Bitcoin Blockchain? Top Developer Weighs In

Far From Only Bullish Sign

Dave the Wave’s analysis of the one-week MACD isn’t the only signal implying that Bitcoin is ready to return to a bullish state.

According to the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, miner capitulation has ended. 

The reversal of the miner capitulation comes on the back of cryptocurrency data sites registering that the Bitcoin network’s hash rate recently hit an all-time high, seemingly reverting the capitulation that was taking place.

What’s notable about the “recovery” signal flashing is that this very signal marked a series of previous macro bottoms in Bitcoin’s price history. Indeed, our analysis found that this signal was seen at the start of January 2019, prior to BTC’s rally to $4,000, then $5,000, and so on; in August of 2016 after the previous halving, which kicked off a parabolic bull run that took Bitcoin to $20,000; and in 2015, prior to the moves that brought Bitcoin to $1,000 for the second time in history.

Relate Reading: XRP is Down 95% from Its 2018 Peak; What’s Next for the Embattled Crypto?
Featured Image from Shutterstock
Tags: bitcoincryptocurrencyDave the Wavemarket
TweetShare15
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

1 day ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

3 days ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

1 week ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.