Skip to content

Crypto analyst notes historical pattern of BTC accumulation, suggests ‘major move’ imminent

Crypto analyst notes historical pattern of BTC accumulation, suggests ‘major move’ imminent

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.”

Historical Bitcoin price action. Source: Moustache

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.

Bitcoin price analysis. Source: Michaël van de Poppe

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.

Bitcoin withdrawals from exchanges. Source: Glassnode alerts

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.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.