Bitcoin (BTC) Price Forms Unique Pattern

Bitcoin (BTC) Price Forms Unique Pattern

by Virtusenews
13. February 2023
Bitcoin (BTC) Price Forms Unique Pattern

The vibrant and mercurial world of cryptocurrencies might soon start buzzing with excitement once again.

According to a recent analysis by the well-respected CryptoQuant contributor, Grizzly, Bitcoin appears to have formed a pattern that has previously been seen in market bottoms, one that has the potential to foretell a long-term rising trend.

Adding the 200-day moving average line (in blue) and realized price (in orange) to the long-term Bitcoin chart, Grizzly identified a pattern that could signal the formation of a long-term bottom.

Image by The overlap or crossing of the 200-day moving average from the top to the realized price has been observed in previous years, most notably in 2019, 2015, and 2012, following which Bitcoin underwent a long-term rising trend.

The current development, therefore, indicates a potentially bright future for the leading cryptocurrency. However, it is important to note that the macroeconomic factors that have put pressure on high-risk asset markets cannot be overlooked in this scenario. It remains to be seen if Bitcoin can decouple from assets such as equities and behave as a reliable store of value during inflationary times. Only time will tell if the largest cryptocurrency will maintain its upward trajectory.

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