It’s been revealed that an important crypto analyst is saying that Bitcoin shows a massive bullish signal. Check out the latest reports below.
Bitcoin shows a bullish signal
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,034.
The important analyst and trader Tone Vays says Bitcoin (BTC) is gearing up to flash a signal that preceded BTC’s bottom during the 2018 and 2015 bear markets.
In a new strategy session, Vays said that he’s keeping a close watch on one particular indicator on Bitcoin’s monthly chart.
He made sure to say that Bitcoin’s momentum reversal indicator (MRI) on the monthly chart is primed to flash a historically strong bullish signal.
“I like the bullish structure here. This is the monthly Heikin-Ashi chart. I would like to see an actual MRI buy. Historically, these MRI buys have been incredible. Back in 2018, we had the perfect buying opportunity, back in 2015 as well. And if the bear market was longer [in 2013], I’m sure we could have gotten one back then as well.”
He also stated the following:
“And here it is: the third ever MRI buy coming up in about three weeks unless the price rallies a lot significantly, which I hope it does, but we will see.”
It’s also important to note the fact that traders rely on MRI to spot potential trend reversals while they use the Heikin-Ashi chart to track market trends.
Vays also made sure to explain that he believes the bear market bottom is in for Bitcoin.
“What we have right now is a candle that’s going to close above the [200-week] moving average. And if it closes above the moving average we’re going to potentially have an entire candle above it, which is great.”
He said that the low is in, and he is “about 65% confident that we are not going lower than $17,500.”