Tough times for the cryptocurrency market continue as its market capitalization remains well below the coveted $1 trillion mark and Bitcoin (BTC) once again trades below $20,000, but certain indicators are suggesting there is some hope on the horizon for the flagship digital asset.
Indeed, a new bull season for Bitcoin might be starting soon if historical patterns from 2015 and 2019 showing “clear accumulation” are to be taken into account, according to a tweet published by the pseudonymous crypto analyst Moustache on October 6.
As the analyst added, “the T3-CCI confirms this assumption: red bars in the indicator become shorter,” concluding that “we’re on the verge of a major move.”
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Furthermore, the crypto expert also tweeted the comparison between 2019 and 2022, again noting it could lead to “an incredible run” to over $60,000:
Other bullish signals for Bitcoin
Meanwhile, Moustache isn’t the only analyst making note of the bullish signals for the maiden cryptocurrency.
At the same time, crypto trading expert Michaël van de Poppe noted that Bitcoin was getting in position for longs, as demonstrated in the chart that he posted in his tweet on October 7.
As it happens, the number of Bitcoin withdrawals from crypto exchanges has “just reached a 3-month high” in terms of the seven-day moving average (MA), according to a chart tweeted by the alerts account of the on-chain data platform Glassnode on October 7.
Meanwhile, factors like the Bitcoin whales showing signs of sustained accumulation, the increasing mining power despite the China ban, as well as Namibia’s central bank acknowledging Bitcoin as a method of payment are all adding up to Bitcoin’s positive signs.
As things stand, Bitcoin is trading at $19,933, down 1.33% on the day, but up 1.71% across the previous seven days. The market cap of the largest cryptocurrency by this indicator currently stands at $381.78 billion, as per CoinMarketCap data.
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