Bitcoin (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength.
The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative.
Despite everyone talking about a new macro BTC price low, possibly at $12,000, new perspectives demand a rethink.
Be it thanks to macro or just good old Bitcoin price cycles, there are three new reasons to flip bullish on Bitcoin in its current state near two-year lows.
First in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.
In a tweet from Nov. 24, Zeberg maintained that Bitcoin is still acting just like other risk assets — but notably, “not like gold.”
With the FTX scandal weakening the correlation between BTC and stocks, there is nonetheless no reason to abandon the idea that it will return.
For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC/USD over $100,000.
“Bitcoin moves as a Risk Asset (not like Gold!). When SPX explodes higher in Blow-Off Top towards 5700 - 6000 target area - Bitcoin should reach 90k - 110k,” he wrote:
An accompanying chart appeared to put the rally beginning at the start of 2023.
Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.
According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence.
“This indicates the weakening of downtrend momentum,” part of accompanying Twitter comments read:
A move to the upside would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.
OBV acts as aRead more on cointelegraph.com