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Meanwhile, another analyst said that BTC’s run could resume soon as long as it remains above $60,000.
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Summarize with AI
Summarize with AI
Bitcoin’s deviation from its price compression below $70,000 didn’t last long despite the price surge to $74,000 on Wednesday, and the asset struggles below $68,000 as of press time.
Although it has essentially returned to its familiar trading range as of the past month, one analyst believes the best is yet to come, at least according to the BTC Inter-exchange Flow Pulse metric.
30 to 40 Days for the Next Rally?
CW noted on X that the metric, which tracks the flows of BTC between spot and derivatives exchanges, had just formed a golden cross, which has acted as the catalyst for an “explosive upward movement” in the past. However, the rally hasn’t been instant after the formation of such a golden cross in previous years.
The analyst said that it took BTC roughly 30 days to go on a wild run after the bear market had ended in 2019. In 2023, the necessary timeframe went up by 10 days. As such, CW believes the next month could be similarly choppy for bitcoin as the previous one was, but added that “the trend has reversed, and an explosive upward rally is not far away.”
Late Bitcoin Buyers to Be Humiliated?
Merlijn The Trader also weighed in on BTC’s current cycle and latest moves, indicating that the cryptocurrency’s patterns are quite obvious and easy to follow. After each “blow-off top,” which was the early October all-time high of over $126,000, the liquidity drains, momentum fades, and the price returns to the macro trendline.
In the case of the current cycle, that level sits around $60,000. He added that as long as BTC doesn’t lose that coveted support for good, the “cycle structure survives.”
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Source: https://cryptopotato.com/the-30-day-countdown-bitcoins-golden-cross-signal-points-to-explosive-rally/
