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Historically accurate 'momentum indicator' hints at possible Bitcoin breakout ahead
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Bitcoin (BTC) could see a “massive bullish move” if a classic trigger from the 2021 bull run repeats this week.
In a tweet on Dec. 16, on-chain analyst Matthew Hyland, known by the Twitter handle Parabolic Matt, drew attention to Bitcoin’s momentum indicator.
While still under $50,000, Bitcoin has already broken out of a long-term downtrend on the momentum indicator, which measures closing prices against those from a period in the past.
Two such breakouts have occurred this year, and after each one, BTC/USD went on to see considerable upside.
“The previous two times it broke out of a multi-month downtrend this year, a massive bullish move followed,” Hyland wrote as part of comments.
While not a guarantee of “up only” price action, the momentum
Read more on cointelegraph.comAbout this in other media
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