Up 45%: Is Bitcoin's Price Preparing for Long-Term Bull Market?

Bitcoin's 45 percent month-on-month rally has likely put the leading cryptocurrency on the path to a long-term bull market, technical studies indicate.

A month ago, it was all gloom and doom in the bitcoin market, perhaps warranted, as the cryptocurrency had created back-to-back long-term bearish chart patterns in the month of May and June.

The convincing break above $8,000 seen this week appears to have set the stage for a long-term bull market.

What we have is an upside break of the four-month-long falling channel, i.e. a long-term bearish-to-bullish trend change.

Still, there is merit in being cautious as the above chart also shows a bearish relative strength index divergence, which could yield a price pullback.

View BTC has likely witnessed a long-term bullish reversal this week.

BTC could revisit the 100-day MA support of $7,616 if the bearish RSI divergence seen in the 4-hour chart pushes prices below $7,938.

Charging bull image via Shutterstock; Charts by Trading View.

The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.