If Bitcoin manages to close a daily candle, let alone a weekly candle, above $13,000, many analysts, including Crypto Hornhairs and Josh Rager, are sure that a move to establish new year-to-date highs will come in the coming days.
Bulls have continued to make their presence known on Wednesday. Bitcoin (BTC), as of the time of writing this, is changing hands for $13,050 apiece, marking the highest the asset has been since late-June, prior to the brutal $4,000 dump following the blow-off top at $13,800. This rapid bullish reversal, which took a mere two weeks’ time, accentuates that Bitcoin is clearly in an uptrend.
In fact, as Satoshi Flipper has pointed out, the Moving Average Convergence Divergence (MACD) indicator on Bitcoin’s one-day chart flipped green, implying that there is a number of days of upside possible without a notable pullback.
As a result of this move, altcoins have begun to suffer further. In fact, as of press time, the Bitcoin dominance reading on CoinMarketCap sits at 65%, meaning that BTC effectively makes up two-thirds of the entire cryptocurrency industry. Long live the king.
This outlet has a number of speculative reasons why this trend is occurring. Per previous reports, Chris Burniske, a partner at venture fund Placeholder, suggested in a Twitter thread that when BTC rallies strongly, a “majority of ‘alts’ fall against Bitcoin.” Burniske attributes this to the fact that Bitcoin is the main liquidity provider in the space, thus making it illogical to sell much of the time.
Also, many altcoin projects have failed to deliver, all while institutional investors and large-name investors getting involved in cryptocurrency have focused their sights on Bitcoin.
Ichimoku Cloud Shows BTC is “Bullish AF”
Anyhow, how’s Bitcoin looking from a bit of a longer-term perspective? According to analyst CryptoHamster, quite, quite good. In a recent tweet, up-and-coming trader gave five reasons why Bitcoin looks bullish on its one-week chart according to the Ichimoku Cloud.
- The cloud itself is green, implying that bulls are in control.
- BTC is trading above the cloud.
- BTC is trading above the conversion and baseline.
- The conversion line is trading above the baseline.
- The lagging span line has crossed price.
This isn’t the only sign that should have investors of this market entirely enthused. As spotted by Filb Filb in June, a prominent cryptocurrency analyst who believes BTC reaching $100,000 and beyond is possible, the one-month MACD was about to experience an extremely bullish crossover. More specifically, the indicator, meant to observe overarching trends, is about to see its third monthly cross from red to green in Bitcoin’s history.
he last time that this was seen was when BTC embarked on its bull run from the low triple digits ($300) to $20,000.