Analysts Think Bitcoin Might Have Entered Its Next Bull Market Cycle
Bitcoin could enter a new bullish phase, as many market participants have been "out of the game" in recent months. However, the risk of a pullback and testing of recent lows remains.
The technical picture is encouraging. Despite the likelihood of a fading growth wave in recent weeks, there are good chances to reach the 200-day WMA at $24,690, experts pointed out.
The October-November Cumulative Value Days Destroyed (CVDD) and balanced price indicators indicated a high probability of a cyclical bottom. With each subsequent day after the rebound in price from the key values of the metric, the chances of continuing the rally are growing, experts stressed.
The Pewell multiplier has fallen into the accumulation band. Such a situation usually coincides with the bottom in conditions when some miners have no other choice but to forcibly sell bitcoins at a low price.
At the moment, there is an exit of the indicator from the accumulation band, which historically meant a change from a bearish to a bullish phase.