The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative.
Stocks rally could produce $110,000 BTC price
First in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.
For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC/USD over $100,000.
“Final rally before Deflationary Bust!”
An accompanying chart appeared to put the rally beginning at the start of 2023.
Indicator bull div echoes March 2020
Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.
According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence.
“This indicates the weakening of downtrend momentum,” part of accompanying Twitter comments read.
“$BTC may pick up a Massive Rally.”
A move to the upside would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.
OBV acts as a cumulative measure of buy and sell pressure by keeping a running tally of volume across a given time period. It is similar to cumulative volume delta, but encompasses more than simply bid and ask trades.
Trader: RSI bull div is first for Bitcoin
OBV is not the only bullish divergence making waves in Bitcoin analytics circles.
Again consulting the weekly chart, Mags noted that the BTC/USD relative strength index (RSI) is now printing a bullish divergence on weekly timeframes — something never seen before, not even at previous bear market lows.
“This the first time ever BTC is printing a bullish divergence on WEEKLY. Probably nothing.”
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