During the last trading day, the price of bitcoin rose by almost 8% to close to $20,500. While the asset was on its way to regain its level above the crucial resistance at $20,800, the bears again pulled the price below $20,000. Currently, BTC price is preparing for another decline after a minor consolidation.
However, signs that point to previous bottoms in 2015 and 2018 are indicating that 2022 BTC bottoms are approaching even faster!
Popular crypto analysts who previously predicted a crash of bitcoin while the asset was in the midst of a bull run, say that the bottoms of 2022 may be tested too soon. Mainly because the MACD in the weekly chart has reached the bottom and is waiting for a cross-over.
“Weekly Bitcoin MACD is now at an all-time low (equivalent to previous). Lets see if we can get a strong/white histogram next week… or this,” says the analyst.
The 200-week MACD marked its lows during the 2015 and 2018 bear cycles. Furthermore, Star Crypto appears to follow the principle of macro flattening which suggests that the cross-over is fast approaching. Macro flattening appears when the market cap of the asset rises leading to a correction and lower volatility.
This indicates that large-cap assets are less volatile which may not affect the price in terms of percentage growth. Despite the price of bitcoin (BTC) falling more than 70% from its highs, the asset appears fairly bullish based on the logarithmic growth curve (LGC) reported by the analyst.
“Reminder: Bitcoin hasn’t broken down on the basis of LGC since 2018. What broke is a huge expectation and sentiment that the pragmatic investor wants to see when buying,”
