The cryptocurrency market continues to suffer the effects of the FTX-induced collapse, including its flagship asset – Bitcoin (BTC) – which is still struggling to approach $17,000, but certain indicators are pointing to a rally could be forthcoming.
Indeed, the recent 2-week cross on Bitcoin’s moving average convergence divergence (MACD) suggests that BTC could soon see a bottom and a major rally, pseudonymous crypto analyst Mustache observed Dec. 7.
According to the expert, every time the flagship decentralized finance (DeFi) token made such a move, there was “a big rally afterwards.” On top of that:
“During the bear market of 2015 and 2018, the cross also signaled the bottom and start of the next bull run for BTC.”
Analysis of Bitcoin’s historical price action. Source: mustache
At the same time, a crypto expert named Mags has noted that BTC’s bottom may actually be very close compared to Bitcoin’s price action in 2018:
Other expectations
It is also important to note that another crypto trading analyst, CredibleCrypto, has expressed an expectation of a possible final push to $16,400 – $16,500 before Bitcoin can expect a reversal and a continuation of the $18,000 – $19,000 targets.
Additionally, Trader Tardigrade released his own analysis, concluding that Bitcoin’s current activity could mean it is “consolidating on the verge of a strong trend” as sentiment remains bearish.
Meanwhile, Bitcoin has failed to hold support while the stock market has started to show weakness, with expert analyst Michaël van de Poppe expecting long positions around $16,500 or a retake of $16,900.
Bitcoin price analysis
At press time, Bitcoin is trading at $16,858, down 0.97% on the day and 0.11% on the week, as its cumulative losses hit 18.67% on the monthly chart .
As of today, Bitcoin’s market cap is $324.13 billion, maintaining its position as the largest cryptocurrency by this indicator, according to CoinMarketCap data retrieved by Finbold on Dec. 7.
Disclaimer: The content of this website should not be construed as investment advice. Investing is speculative. When investing, your capital is at risk.
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