Top Crypto Analyst Says “This” May Trigger The Next Bitcoin Bull Market

According to Kaleo, a popular crypto analyst and trader, there is a technical indicator that could signal the next bull market in Bitcoin…

And it could be hit soon.

Historically, as Kaleo says, every BTC bull market has begun with its price crossing above the 200-day SMA.

“I know it’s incredibly simple, but it is something that has been a signature for every single bottom that we’ve seen on this chart over the course of the past few cycles. So, I think that it’s something that is simple and easy to keep an eye on…

Until that happens, just remaining patient is important.”

As of this writing, Bitcoin’s 200-day SMA sits at $20,376, or roughly 18% higher than BTC’s recent print of $16,950.

Of course, the 200-day SMA will continue to fall, even if BTC slowly rises. So, the exact day/price that a cross could occur is still a waiting game. As Kaleo says, remaining patient is important.


Two massive bull runs shown after 200-day SMA crossed.

“I think one of the things, really, looking forward as far as watching for big pivots, any type of shifts from where we are, is a reclaim of that 200-day simple moving average as well. So as far as getting exuberantly and a shift for ‘Okay, we’re in the clear for a little while to go,’ that’s one thing I am looking for,” said Kaleo.

Although Bitcoin has come much closer to its 200-day SMA than it was back in the Summer, David Puell says more is needed to spark a bull run.

Puell believes three on-chain phenomena are needed for BTC to break out, and as he sees it, two of the three have already been accomplished.

The last phenomenon, according to Puell, needed to trigger a potential bull run is an increase in network activity. And that increase in network activity may be triggered by favorable macroeconomic conditions.

As Matthew Sigel, the head of digital assets research at VanEck said, “In developed markets, we think consumers will see Bitcoin act as a store of value over time and a hedge against M2 inflation rather than overt CPI inflation.

“In emerging markets, the focus is more on remittances and neutral alternatives to dollar hegemony…

“Meanwhile, should our recession expectations materialize, the Federal Reserve would likely pause raising rates amidst softening inflation, while money printing and government budget deficits continue.

“Merely a lack of bad crypto-specific news, under the above scenario, could cause the price of Bitcoin to climb a wall of worry back to $30K again.”

Could BTC hit $30k in 2023?

Read more of Kaleo’s analysis, HERE

 

Source: https://dailyhodl.com/2022/12/19/heres-what-could-signal-bitcoins-reversal-into-next-bull-market-according-to-top-crypto-analyst/