Cryptocurrency analysts have noted a historical pattern of Bitcoin accumulation, which indicates that a “big move” is imminent

Tough times continue for the cryptocurrency market as its market capitalization remains well below the coveted trillion dollars and Bitcoin (BTC) is once again trading below $20,000, but some indications are that there is some hope on the horizon for the leading digital asset.

In fact, a new Bitcoin bull season could start soon if historical patterns from 2015 and 2019 showing “obvious buildup” are considered, according to a tweet . is posted By alias cryptanalyst mustache On October 6th.

As the analyst added, “T3-CCI confirms this assumption: the red bars in the indicator are getting shorter,” concluding that we are “on the verge of a big move.”

Historical bitcoin price movement. source: mustache

Also, a coding expert too chirp Comparing 2019 and 2022, again noting that it could lead to an “amazing rise” of more than $60,000:

Other Bullish Signals for Bitcoin

while, mustache He is not the only analyst who has noticed the bullish signals of the first cryptocurrency.

Meanwhile, crypto trading expert Michael van de Poppe notes that Bitcoin has entered a long position, as shown in the chart he published in his book. tweet On October 7.

Bitcoin price analysis. source: Michael van de Poppe

As it happens, the number of bitcoin withdrawals from cryptocurrency exchanges “just hit a 3-month high” in terms of the seven-day moving average (MA), according to the chart. chirp From calculating the warning for the data platform on the chain glass knot On October 7.

Bitcoin withdrawals from exchanges. source: Glassnode Warnings

Meanwhile, factors such as bitcoin whales showing signs of continued accumulation, increased mining power despite the Chinese ban, as well as the Namibian central bank’s recognition of bitcoin as a payment method, all contribute to bitcoin’s positive signal.

As it stands, Bitcoin is trading at $19,933, down 1.33% on the day, but up 1.71% over the past seven days. According to this indicator, the market capitalization of the largest cryptocurrency is currently 381.78 billion dollars CoinMarketCap data.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

The cryptocurrency analyst notes that the historical pattern of Bitcoin accumulation indicates an impending “big move” for the first time on Coinphony.

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