The optimistic Bitcoin price-related predictions continue.
At the moment, the most important coin in thecr5ypto market is trading in the green and BTC is priced at $9,719.90 on CMC.
2 key indicators that show BTC entering a new bull cycle
There’s a popular crypto analyst who says he’s been tracking two key indicators to gauge when Bitcoin may begin its very next cycle and move towards some new all-time highs.
These indicators are addressed below, and if you want to learn all the details, we recommend that you watch the video.
200-day moving average
The Daily Hodl brings up Nicholas Merten who said that BTC’s rising 200-day moving average is his go-to metric.
He makes sure to highlight the fact that BTC price corrections have often landed between 30% and 40%.
“We see that this started to rise up in May. And along with this as well, the price of Bitcoin has started to come down, and it seems like there’s going to be somewhere in the middle that these might meet. So somewhere in our target range [between $7,000 and $8,500], this is the range where I start to feel comfortable buying into Bitcoin…” he said.
He continues and explains, “Again, because we’re starting to get into the later phases of the 30% to 40% correction territory down here. So I think that as the moving average continues to rise into August, at the beginning of August to mid-August, this is where we’re going to set the final low. This is where we can get somewhere in this target range…”
The 21-week moving average
Merten is also using the 21-week moving average to see how low Bitcoin might go.
His analysis concludes that BTC could reach upper $7,000 or low $8,000 range, and this is going to be an area where he starts averaging in.
He also said that BTC’s course would definitely reverse in August. Merten said that this latest correction that BTC has suffered is healthy for the crypto market.
