As you likely know, Bitcoin (BTC) has been bleeding out over the past few months, drawing down from $14,000 all the way to $8,500, where the cryptocurrency is priced at now. Just a few weeks ago, the asset was trading as low as $7,300.<\/p>\n
This price action has made many ask: is Bitcoin really in a long-term bull trend?<\/a> Could this be the end of BTC’s secular bull market?<\/a> For some reason, many have floated “no” as an answer to both of those questions.<\/p>\n Though, a number of technical indicators have confirmed that the cryptocurrency market is likely still in a long-term uptrend, no matter what the short-term price action is doing.<\/p>\n Analyst Cow Jones recently noted that the Ichimoku Cloud, a de-facto “all-in-one” indicator that shows long-term trends, recently printed a very bullish signal: the Kumo line flipped from red to green, implying a long-term bull trend has formed. The analyst remarked<\/a> that “BTC has NEVER failed the Kumo breakout in its entire history on the weekly.”<\/p>\n https:\/\/twitter.com\/CryptoCowJones\/status\/80669184<\/p>\n It isn’t only the Ichimoku Cloud that is favoring long-term bulls.<\/p>\n Per\u00a0previous reports from NewsBTC<\/a>, the monumental surge of volumes seen last June, which marked an all-time high, is indicative of a long-term bull trend forming.<\/p>\n Digital asset manager Charles Edwards noted in a Twitter thread that fresh all-time highs in volumes were followed by consolidation, just like we\u2019re seeing now, then \u201chuge rallies\u201d; the growth in volume leading to long-term exponential bull markets that brought Bitcoin to orders of magnitudes higher than it was before the surge.<\/p>\n Massive volume in Bitcoin<\/p>\n Guess what? <\/p>\n Things are not as they may seem.<\/p>\n Shrinking Spot market volume has been more than compensated for. <\/p>\n Futures have swallowed the Spot market. BTC 90 day Volume was recently 40% more than the 2017\/18 peak.<\/p>\n This has powerful implications. pic.twitter.com\/LXRoF9NXoG<\/a><\/p>\n — Charles Edwards (@caprioleio) November 11, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Bitcoin Price to Make New High By Early-2021, Investor Declares<\/a><\/h6>\n
Bitcoin Remains in Long-Term Upward Trajectory<\/strong><\/h2>\n
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