• 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
  • Buy SilverTry
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
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

When Bitcoin Flashed This Signal in 2015, It Rallied 4,000%. It’s Back Again

Nick Chong by Nick Chong
9 months ago
in Bitcoin
Reading Time: 3min read
bitcoin price
Advertisement

With Bitcoin failing to break past the highs it established earlier this year, there have been some commentators seriously considering a steep correction.

Ross Ulbricht, the founder of the Silk Road and one of the cryptocurrency’s earliest adopters, postulated that there’s a serious chance Bitcoin could revisit the $3,000s and maybe even lower. Ulbricht cited Elliot Wave analysis, which states that markets move in predictable wave-like patterns due to investor psychology.

Others have echoed this, with some expecting a move to the $1,000s.

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

But an on-chain signal and a technical signal suggest that Bitcoin is about to begin a long-term bull run, negating the expectations of a return to recent macro lows.

Related Reading: 3 Trends Are Drawing Wall Street to Bitcoin and Crypto: Fidelity Survey

Bitcoin Prints Textbook Sign of an Impending Bull Run

Earlier this month, Bitcoin’s network difficulty saw a strong correction lower. The network difficulty is how hard it is for BTC miners to find blocks.

Some saw this as a sign of a “miner capitulation” but according to Bitcoin chartist Nunya Bizniz, it allowed the cryptocurrency to print a textbook bullish sign. Referencing the chart below, he wrote:

“Today is the 9th monthly downward DA What makes this one unique is it’s the 1st to occur post halving. Monthly DDA’s may signal miner capitulation and market bottoms.”

As can be seen in the chart he shared below, each “monthly downward difficulty adjustment” seems to have arrived when Bitcoin reverses into a bull market.

In 2018, two such signals were seen before BTC rallied by 300%. And in 2015, they marked the bottom in the $200-500 range before a more than 4,000% rally to $20,000 in the two years that followed.

Macro Bitcoin price action with markers at dates of halvings and monthly downward difficulty adjustments by chartist Nunya Bizniz

Adding to this, an analyst observed that Bitcoin’s two-week relative strength index looks like it did at the start of the previous bull run. 

Related Reading: Crypto Tidbits: Bitcoin Fails at $10k, Ethereum Coins Explode, Coinbase Looks to Add 18 Altcoins

Don’t Count Out a Correction in the Short Run

Don’t count out a correction in the near term, despite the positive confluence of long-term technical signals.

As reported by NewsBTC previously, blockchain analytics firm IntoTheBlock currently sees Bitcoin as fundamentally “bearish” due to a confluence of on-chain and order book trends.

Bitcoin on-chain analysis by blockchain data firm IntoTheBlock

Three out of the company’s seven core metrics are “bearish”: net network growth, in the money, and large transactions. The four other core metrics are directional or “neutral.”

Adding to the expectations of Bitcoin dropping in the near term, an analyst shared that BTC’s chart is printing a textbook bearish divergence between a trend indicator and its price.

The divergence persisting will confirm that the uptrend from March’s lows is decisively over, the commentator remarked:

“Without compounding the obvious, without a spike to undo the developing BTC divergence, this is the top.”

Bitcoin price analysis from trader Cold Blooded Shiller (@ColdBloodShill on Twitter). Chart from TradingView.com

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
When Bitcoin Flashed This Signal in 2016, It Rallied 4000%. It's Back Again
Tags: bitcoin pricebtcusdBTCUSDTtechnical analysisxbtusd
TweetShare
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 and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients

4 days ago
Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

4 days ago
bitcoin gold ethereum mark cuban peter schiff

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

5 days ago

Premium Partners

Top Brokers

eToro

eToro

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
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

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Connect Financial to List CNFI Tokens with BitMax

March 8, 2021

Lepricon Private Sale 7X Oversubscribed. Announces Public Sales and St. Patrick’s Day DEX listing

March 8, 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
  • Buy Silver

© 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.