bitcoin (btc) enthusiasts have reason to be optimistic as the cryptocurrency appears to be aligning with the prerequisites that have historically heralded explosive rallies to new all-time highs.
Renowned crypto analyst TechDev, known for his insights shared on social media platformbitcoin–btc-now-checks-the-three-criteria-for-rally-to-new-all-time-highs-says-crypto-analyst/” target=”_blank” rel=”noopener nofollow”>3 pin signal”, a trifecta of indicators that have preceded previous btc bull runs.
bitcoin: the three prongs of the promise
TechDev’s triple signal consists of a proprietary “global liquidity signal,” the moving average convergence and divergence (MACD), and the monthly vortex. Each of these indicators, when analyzed together, has shown a striking similarity to the patterns observed in the 2015-2016 market cycle.
The first prong, TechDev’s “global liquidity signal,” evaluates the balance sheets of major central banks against the dollar index (DXY) and Chinese 10-year bonds (CN10Y). By measuring global dollar liquidity cycles, this indicator provides insight into the economic forces at play.
The second prong, the MACD, is a well-established trend reversal indicator that has recently turned bullish, reinforcing the notion that bitcoin price could be on the cusp of a major rebound.
btc market cap currently at $511.5 billion. Chart: TradingView.com
The third front, the monthly vortex, has also entered bullish territory, adding to growing evidence that bitcoin is poised for an exciting ride ahead.
A recovery underway
While TechDev’s analysis is generating buzz in the crypto community, other reports also suggest a positive outlook for bitcoin. According to a recent bitcoin–ethereum-ripple-btc-likely-to-attempt-a-push-toward-50-fib-retracement-202309252055″ target=”_blank” rel=”noopener nofollow”>btc Prediction ReportThe cryptocurrency is currently in an overall uptrend, indicating a recovery rally.
Despite the fluctuations, the psychological level of $26,000 has proven to be a resilient support for bitcoin, with brief appearances by profit takers.
If buying pressure continues to rise above this level, bitcoin could shoot north, encountering a confluence of resistance between the 200-day and 50-day exponential moving averages (EMA) at around $26,933, before setting its sights on the 100-day EMA at $26,962. .
As of now, bitcoin is trading at $26,304 according to bitcoin” target=”_blank” rel=”noopener nofollow”>CoinGecko, with a gain of 0.5% in the last 24 hours and a drop of 2.0% in seven days. Despite short-term fluctuations, the convergence of bullish indicators and the historical precedent of bitcoin rally patterns have instilled optimism among cryptocurrency enthusiasts.
In a landscape where bitcoin price movements are closely scrutinized, the alignment of these three indicators has set the stage for what could be another explosive rally towards new all-time highs, much to the delight of investors and crypto enthusiasts alike. equal.
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