{"id":373863,"date":"2019-03-07T22:00:40","date_gmt":"2019-03-07T22:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=373863"},"modified":"2024-06-11T07:45:22","modified_gmt":"2024-06-11T07:45:22","slug":"technical-indicator-shows-bitcoin-btc-is-ready-for-a-meteoric-comeback-but-when","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/technical-indicator-shows-bitcoin-btc-is-ready-for-a-meteoric-comeback-but-when\/","title":{"rendered":"Technical Indicator Shows Bitcoin (BTC) is Ready for a Meteoric Comeback, But When?"},"content":{"rendered":"
Bitcoin has firmly planted itself within the upper-$3,000 region over the past several weeks and has continued struggling to break above the low-$4,000 region. Because BTC has failed to garner any significant buying pressure over the past several weeks, some analysts believe that a drop back to its 2018 lows of $3,200 is inevitable.<\/p>\n
Despite this, one technical indicator that is based on Bitcoin\u2019s geometric and arithmetic mean dynamics signals that the cryptocurrency may already be through the worst of the bear market and entering the early stages of the next bull market.<\/p>\n
Over the past several months it has become increasingly clear that BTC\u2019s<\/a> 2018 low that exists in the low-$3,000 region is a strong level of support for the cryptocurrency. Despite this, the crypto has not been able to surge far beyond $4,000 without facing significant selling pressure that forces it back down to the $3,000 region.<\/p>\n Although this may be seen as a negative signal to many analysts, one popular cryptocurrency analyst on Twitter recently mapped out Bitcoin\u2019s entire price action from the perspective of its geometric and arithmetic mean dynamics, which show that each bull run and proceeding crash share a similar trend.<\/p>\n While looking at the 2014-2015 bear market, Bitcoin underwent a very similar trading pattern to what it is currently undergoing, which may signal that BTC is currently in the very early stages of the a bull run.<\/p>\n \u201cSignal based on geometric \/ arithmetic mean dynamics suggests next #bitcoin bull market might have started,\u201d planB, a popular crypto analyst on Twitter explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/100trillionusd\/status\/20930054?s=21<\/p>\n His recent analysis of Bitcoin based on the above chart comes shortly after he claimed that there are many fundamental strengths<\/a> that will prevent Bitcoin from ever dropping below $2,000.<\/p>\n https:\/\/twitter.com\/100trillionUSD\/status\/72044289<\/p>\nAnalyst: Bitcoin Likely to Drop Below 2019 Low in Near-Future<\/strong><\/h2>\n