Bitcoin “Market God” Indicator Appears And Shows The Coin’s Move
The crypto market looks bloody red today, with most coins trading in the red.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $7,193.07.
Despite the high volatility of the crypto market, the optimistic Bitcoin-related predictions still pop up in the crypto space.
A new indicator shows Bitcoin’s move
There’s a proprietary indicator that called BTC’s big sell-off back in November of 2018 and then hinted at the bull run from back in April 2019.
It seems that this indicator turned bearish now.
Crypto Thies told his followers on social media account that his Market God indicator has just posted a sell signal.
This indicator is based on a proprietary algorithm, and it’s designed to confirm trends while removing bias and human emotion.
BTC is not looking great in the short-term
He also said that he’s working on a theory that altcoins could do better than BTC during the potential downturn, but he is convinced that the short term is not looking too great for BTC.
A separate long-term data set reportedly looks more bullish, says the online publication the Daily Hodl.
An analyst who is known online as Bitcoin Charts also released a new set of data to 8,700 followers on Twitter.
This shows BTC’s long-term price action with each year represented by a single candle.
Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn. pic.twitter.com/AiVLec0sUs
— Parabolic Thies ♔ (@KingThies) December 1, 2019
This chart shows the past impact of Bitcoin’s halvings, which are cutting the amount of new BTC that will be entering the market by half. This takes place every four years.
It’s been revealed that from a historical point of view, the chart is showing the following pattern: the yearly price action for BTC is on the rise for three years and then a year is in the red.
Thies also wrote the following: “Working on a theory that this doesn’t necessarily mean the market is toast for alts. Need some time though, to research a few things. Scared to read the comments on this post above tbh.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.