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.

Rate the article

Previous postThailand's SEC Introduces New Rules for Crypto Custodians
Next postA Significant Drop In Revenues Of Bitcoin Extortionists Was Reported

If you have a question, leave your contact, and we will get back to you

banner image
banner image
banner image

Share


Simplify Your Crypto Journey

Want to store, send, accept, stake, or trade cryptocurrencies? With Cryptomus it's all possible — sign up and manage your cryptocurrency funds with our handy tools.

banner image
banner image
banner image

Share

comments

0

Cookies and fingerprint settings

We use cookies and browser fingerprint to personalize content and advertising, provide social media features, and analyze our traffic. We also share information about your use of our website with our social media, advertising, and analytics partners, who may combine it with other information. By continuing to use the site, you consent to the use of cookies and browser fingerprint.

We use cookies and browser fingerprint to personalize content and advertising, provide social media features, and analyze our traffic. We also share information about your use of our website with our social media, advertising, and analytics partners, who may combine it with other information. By continuing to use the site, you consent to the use of cookies and browser fingerprint.