Why This Indicator Points to a New Bitcoin Bull Run – Top Analyst

2023-10-16 09:15

Popular crypto analyst Mags, who has 37,000 followers on Twitter, posted an intriguing prediction about a potential new Bitcoin bull run.

He pointed to the MACD (Moving Average Convergence Divergence) indicator, which recently had a strong bullish cross below the zero line on Bitcoin’s price chart.

As Mags explained, this is only the second time the MACD has crossed bullish below zero in Bitcoin’s history. The first time was in 2016, right before Bitcoin entered a major multi-year bull run that took it from under $1,000 to nearly $20,000.

The MACD is considered a lagging indicator, meaning it follows price action rather than predicting it. However, Mags believes strong crosses on the MACD can signal major high timeframe trend changes in Bitcoin’s market cycles. Even though Bitcoin is currently trading sideways around $27,000, he thinks this MACD cross suggests a new bull run is ahead.

Mags noted short-term price fluctuations are normal and expects Bitcoin may continue to move sideways or even drop slightly in the near-term. However, he believes the MACD cross indicates the next major bull run is brewing under the surface. If history repeats, Bitcoin could see substantial gains over the next couple years following this MACD signal.

Of course, no indicator is foolproof for predicting Bitcoin’s volatile market. But the MACD has a track record of identifying big trend changes. If Mags’ analysis is correct, a slow accumulation period here could lead to fireworks ahead for Bitcoin holders. We’ll have to wait and see if he’s right about a new bull run liftoff based on this latest MACD cross.

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The post Why This Indicator Points to a New Bitcoin Bull Run – Top Analyst appeared first on CaptainAltcoin.

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