Bitcoin is suffering a correction and at the moment of writing this article, the king coin is trading in the red and it’s priced at $41.224.
It’s been just revealed that there is a popular crypto analyst who said that an on-chain indicator with a track record of calling tops and bottoms is strongly suggesting that Bitcoin (BTC) is in for significant price appreciation.
The pseudonymous analyst known as TechDev recently said that he’s watching Bitcoin’s dormancy flow metric, which measures the average number of days that coins have remained untouched.
He combines the dormancy flow with three-week candles on the vortex cross,. This uses historical price data to identify trend reversals.
“The periods between dormancy flow exiting the green zone and the three-week bullish vortex cross have offered some of the best buy opportunities for Bitcoin over the last 10 years. Asymmetry very much to the upside here in my view. Enjoy your weekend.”
TechDev also presented another chart combining two indicators that suggest bullish price action on the horizon.
He stated that Bitcoin is holding above the Kijun-Sen, which is traditionally used in the Ichimoku Cloud, and calculates the mean price of the last 26 periods.
Just in case you don’t know, a low or narrow Bollinger Bandwidth indicates that the asset is gearing up for volatile price action.
“Bitcoin has reclaimed the three-week Kijun-Sen at historically low Bollinger Bandwidth. Suggests macro bullish momentum with impending volatility.”
Bitcoin mining to change the world
According to the latest reports, Shark Tank investor Kevin O’Leary said that Bitcoin (BTC) mining is good for the Earth despite conventional wisdom that it damages the environment.
He spoke at the Bitcoin 2022 conference in Miami, and explained that future generations of BTC miners will save the world.
Stay tuned for more news and make sure to check out the market.