Excitement could soon be in the air once more in the ever-changing landscape of cryptocurrency.
Grizzly, a CryptoQuant contributor, recently conducted an analysis which suggested that Bitcoin has created a pattern which has been observed in market bottoms in the past, potentially signaling a long-term uptrend.
Grizzly detected a pattern that might signify the development of a long-term floor when they included the 200-day moving average line (blue) and realized price (orange) on the Bitcoin chart that covers a long period of time.
In the past, a shift in the 200-day moving average from its highest point to the actual cost of Bitcoin has been noticed, especially in 2019, 2015, and 2012. This was then followed by a long-term increase in the price of Bitcoin.
Therefore, it appears that the future for the premier digital asset could be quite promising based on current growth.
One must not forget the macroeconomic pressures that have had an effect on high-risk asset markets in this situation.
The ability of Bitcoin to stand alone as a dependable store of value amidst inflationary periods is yet to be determined. It is only through the passing of time that we will know if the biggest cryptocurrency will keep its upward climb.
From Feb. 6 through Feb. 12, Bitcoin has had a mixed performance over the past seven days.
Bitcoin’s market capitalization, currently estimated at $422 billion, has been on a roller coaster ride. The surge of momentum it experienced last month due to the U.S. stock market seems to be slowing down.
Investors have an optimistic outlook on the cryptocurrency’s prospects, due to the distinct pattern perceived by Grizzly.
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