Bitcoin to See Return of Bull Cross That Marked Onset of 2016-17 Price Rally

Published on by Coindesk | Published on

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Back in 2016, the same cross marked the start of a long-term bull market.

A bitcoin price indicator that marked the beginning of the 2016-17 bull market is about to make another appearance.

A bullish cross suggests a rally is about to gather steam or a bull market is on the horizon.

The 50-week MA is based on one-year-old data and the 100-week MA is sensitive to the price action seen over the last two years.

Put simply, the price rise from the December 2018 low of $3,122 to the June 2019 high of $13,880 has put the 50-week MA on an upward trajectory.

The chart pattern warrants attention due to the fact that bitcoin broke into a 19-month long uptrend with the bullish crossover of the same averages in May 2016.

Interestingly, bitcoin's bear market from the December 2013 highs above $1,160 ran out of steam with a bearish crossover of the same two averages in April 2015.).Similar price action was observed earlier this year, as seen below.

Bitcoin charted a higher low of $3,700 in February, despite confirmation of a bear cross, signaling an end of the bear market following record highs near $20,000.

With history perhaps looking to repeat itself, there's some reason to believe the upcoming bull cross of the 50- and 100-week MAs could bode well for bitcoin.

As for the next 24 hours, the probability of bitcoin witnessing an upside move is high.