{"id":122842,"date":"2020-01-13T02:57:39","date_gmt":"2020-01-13T02:57:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=122842"},"modified":"2020-01-13T19:25:56","modified_gmt":"2020-01-13T19:25:56","slug":"analysts-explain-why-bitcoin-is-ready-to-enter-a-bull-market-again","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/analysts-explain-why-bitcoin-is-ready-to-enter-a-bull-market-again\/","title":{"rendered":"Analysts explain why Bitcoin is ready to enter a bull market again"},"content":{"rendered":"

At long last, Bitcoin has shown signs of life, rallying by 20 percent from the $6,800 bottom put in nearly two weeks ago. Although this recent price action has been deemed a “relief rally” by some analysts, more and more indicators suggest that BTC and the rest of the cryptocurrency market are on the verge of returning to a decisively bullish phase.<\/p>\n

Is the bottom in?<\/strong><\/h2>\n

Over the past few weeks, analysts have been struggling, questioning if the leading cryptocurrency actually established a macro bottom<\/a> at $6,400 in mid-December, when it surged decisively off that level in an immediate 20 percent bounce.<\/p>\n

According to new analyses, the bottom is<\/em> in, setting the stage for the next leg of upward growth.<\/p>\n

Trader Byzantine General recently pointed to the below chart, which he posted via Twitter.<\/a><\/p>\n

As he depicts, Bitcoin's recent price action and the one-week Relative Strength Index underwent the exact same pattern they did in the previous market cycle, with there being an RSI break under 40 in a bear market, then a relief rally, and perfect re-test of 40 to kick off the next bull market.<\/p>\n

<\/p>\n

Not to mention, Murad Mahmudov, CIO of Bitcoin fund Adaptive Capital, recently observed<\/a> on Twitter that there is nearly no way BTC is falling much further than it already has, because “as crazy as it sounds, the -53 percent drop from $13,888 to $6,410 wasn't a full out bitcoin bear market, but rather, unironically just mid-bull cycle correction.”<\/p>\n

This assertion can be corroborated by on-chain data from Mahmudov's partner, Adaptive Capital's Willy Woo<\/a>, who wrote in a crypto-viral tweet<\/a> that Bitcoin's investor activity data is showing clear signs of bull market reaccumulation.<\/p>\n

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Are we in a $BTC<\/a> bear market?<\/p>\n

No, we are in the re-accumulation phase of a bull market. pic.twitter.com\/OcMyxA4EIY<\/a><\/p>\n

— Willy Woo (@woonomic) December 28, 2019<\/a><\/p><\/blockquote>\n