The cryptocurrency market continues to suffer the effects of the FTX-induced collapse, including on its flagship asset – Bitcoin (BTC) – which is still struggling to get near the $17,000 level, but certain indicators suggest a rally could be coming.
Indeed, the 2-week cross in Bitcoin’s moving average convergence divergence (MACD) that has recently occurred indicates that BTC could be in for a bottom and big rally soon, as observed by the pseudonymous crypto analyst Moustache on December 7.
According to the expert, every time the flagship decentralized finance (DeFi) token made such a move, “there was a big rally afterwards.” On top of that:
“In the bear market of 2015 and 2018, the cross also signaled the bottom and start of the next bull run for BTC.”
At the same time, a crypto expert known as Mags has noted that the BTC bottom could indeed be very close, as compared to Bitcoin’s price action in 2018:
Other expectations
It is also important to note that another crypto trading analyst, CredibleCrypto, voiced the expectation of a possible final push into $16,400 – $16,500 before Bitcoin can expect a reversal back up and continuation to $18,000 – $19,000 targets.
On top of that, Trader Tardigrade posted his own analysis, concluding that Bitcoin’s current activities could mean that it is “consolidating just before a strong trend,” as the sentiment remains bearish.
Meanwhile, Bitcoin has failed to hold support at the same time as the stock market has started to show weakness, with expert and analyst Michaël van de Poppe expecting longs at around $16,500 or reclaiming of the $16,900 level.
Bitcoin price analysis
At press time, Bitcoin was trading at the price of $16,858, down 0.97% on the day and 0.11% across the week, as its cumulative losses on the monthly chart have reached 18.67%.
As things stand, Bitcoin’s market capitalization is $324.13 billion, retaining its position as the largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on December 7.
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