Bullish Signal Emerges: Bitcoin’s MACD Flash Could Trigger Vertical Surge, Analyst Suggests
2024-10-24

A prominent cryptocurrency analyst has recently suggested that the price of the flagship cryptocurrency Bitcoin BTCUSDT could soon start surging as a key technical indicator has now flashed a bullish signal for the first time in a year.
In a post on the microblogging platform X, cryptocurrency analyst CryptoBullet ignited optimism among Bitcoin investors with a bullish analysis based on the weekly moving average convergence/divergence (MACD) indicator.
In his post, the analyst suggested that Bitcoin’s current price chart reminds him of its chart back in 2021, as it featured the “same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it’s not that deep, it just took more time).”
Per his words, the current chart pattern could lead to a new all-time high in the near future, with Bitcoin having peaked above $73,000 earlier this year.
#Bitcoin Weekly MACD crossed bullish for the first time since October 2023! 👀
But this picture reminds me a lot of 2021: same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it’s not that deep, it just took more time).
Now BINANCE:BTCUSDT is… pic.twitter.com/q03dN7GgS6
As CryptoGlobe reported, a number of Bitcoin addresses that have “never had a Bitcoin outflow” are currently accumulating the flagship cryptocurrency at an unprecedented pace, to the point they are now holding 2.9 million BTC, worth around $194 billion at the time of writing.
In a newly published report, CryptoQuant analyst Burak Kesmeci noted that the total amount of BTC in “Bitcoin accumulation addresses” was at around 1.5 million coins at the beginning of the year, and that the figure has now nearly doubled over the past 10 months.
These addresses, the analyst added, continue to “accumulate patiently and boldly without selling off their holdings” and have never had a Bitcoin outflows so far as they are focused on long-term investing.
Featured image via Unsplash.