Although Bitcoin (BTC) has been trading largely sideways, with minimal volatility in the past several days, some indicators point to the possibility of a massive bull run in the following months, perhaps even to a new all-time high (ATH) for the maiden cryptocurrency.
Specifically, the moving average convergence divergence (MACD) indicator for Bitcoin has been demonstrating the same behavior as in September and October 2020, which back then preceded an ATH in the next half year, according to the observations shared by pseudonymous crypto analyst Trader Tardigrade on August 14.
Bullish run possibility
As the expert explained, the “MACD and the signal line are now twisting after MACD turning head up and passing above zero,” suggesting that Bitcoin could start a massive bull run that could not just break its previous record but peak in the zone at around $145,000.
This analysis goes in hand with that of another pseudonymous crypto trading analyst, CryptoCon, who noted a signal called the ‘Monthly TD Sequential Golden 7,’ the presence of which is often a promising indicator of an impending bullish trend in the Bitcoin market and which has completed its seventh setup phase in 2023.
Bitcoin price analysis
As things stand, the flagship decentralized finance (DeFi) asset was at press time changing hands at the price of $29,388, indicating no change in the last 24 hours but a 1.27% increase across the previous seven days and a decline of 3.10% on its monthly chart.
Recently, InTheMoneyStocks.com chief market strategist Gareth Soloway highlighted two factors that could play a major part in the price of Bitcoin in the coming months, including the historical correlation with government bond yields and the approval of a spot BTC exchange-traded fund (ETF).
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