Bitcoin price during the last trading day surged magnificently by nearly 8% to reach close to $20,500. While the asset was on its way to securing its levels above the important resistance at $20,800, the bears dragged the price below $20,000 again. Currently, the BTC price after a minor consolidation is preparing for another leg down.
However, the signals that pointed to the previous bottoms in 2015 & 2018 are indicating the 2022 BTC bottoms may also be fast approaching!
Popular crypto analysts previously had predicted the Bitcoin crash while the asset was amid the bull run, says that 2022 bottoms may be tested very soon. Mainly due to the reason that the MACD in the weekly chart has reached the bottoms and waiting for a cross-over.
“Weekly Bitcoin MACD now at all-time lows (equal to previous). Let’s see if we can get a strengthening/white histogram next week…or this,” says the analyst.
The 200-week MACD previously during the 2015 & 2018 bear cycles had marked its lows. Further, the star crypto appears to follow the principle of macro flattening which suggests that the cross-over is fast approaching. The macro flattening appears when the market cap of the asset swells which leads to a correction and diminished volatility.
This indicates that the large-cap assets are less volatile which may not impact the price in terms of percentage rise. Despite the Bitcoin(BTC) price having dropped more than 70% from its highs, still, the asset appears pretty bullish based on the Logarithmic growth curve(LGC) narrated by the analyst.
“Reminder: Bitcoin ain’t broken on the basis of the LGC since 2018. What’s broken is the too great an expectation and sentiment, which is what the pragmatic investor wants to see when buying,”