- MACD curling up for a bullish crossover could send Bitcoin back to bullish highs.
- If it can reclaim the $113,000 price range, this could lead to a bullish turn.
- Can BTC go on to set one more new ATH before the bear market takes over?
The crypto market has been growing increasingly more bearish since the $20 billion liquidation event. Most analysts believe the price of BTC will fall below 5-digit prices and lead to funds rotting into altcoins before a full bear market can commence. Despite this bearish outlook, some analysts remain adamant that bullish moves can occur based on certain indicators. For instance, MACD curling up for a bullish crossover could send BTC up again.
MACD Curling Up for a Bullish Crossover Could Send BTC Up
With the crypto market sentiment at a score below 30, marking a ‘Fear’ sentiment, expectations for BTC to hit higher ATH prices are very low. Rather, at the moment, the expectation for BTC is to fall to $100,000, and then sink even further to much lower 5-digit prices. While some expect a rotation into altcoins, others believe there won’t be any altseason this bull cycle.
This is because altcoin performance has been very low this cycle, with only a handful of altcoins going on to hit new ATH prices. Most importantly, the price of the pioneer altcoin asset, Ethereum (ETH), only went on to set one new ATH price this bull cycle, an ATH which was barely just above its previously set ATH. This short pump turned out to be a very disappointing surge.
Since then, the price of ETH has not gone back to reclaim its price discovery phase. This further added to the gloomy expectation for altseason to be completely missed this bull cycle. On the other hand, some analysts believe that altseason has not occurred yet because the price of BTC has still another bull surge left within it, and once this occurrs then Bitcoin Dominance will fall and the price of altcoins will finally surge.
Can Bitcoin (BTC) Go Up To Hit Higher ATH Prices
With this narrative in mind, several analysts are keeping a close eye on the BTC price chart and any other indicators that could contribute to one final BTC price pump in the coming days ahead. Presently, one popular face in the crypto community, Lark Davis, notices a possibly bullish observation, that if played fully, could lead to a steady BTC price recovery, and eventually higher high prices.
As we can see from the post above, Lark Davis notices that BTC is making a very interesting pattern, with the MACD curling up for a bullish crossover, leading to the RSI breaking out. This, paired with the fact that volumes are rising for a bullish move, could point to BTC recovering to higher prices. He concludes by saying that now the challenge is to get the daily to close over the 20-day EMA at $113,000.
