Several technical indicators suggest that Bitcoin could be on the verge of a breakout. Specifically, the MACD indicator is about to perform a bullish cross on April 27th. The MACD indicator is historically a solid indicator of future Bitcoin price performance.
Yet another bullish Bitcoin indicator is flashing
It is no secret that Bitcoin has a lot of bullish indicators currently flashing. In addition to the numerous lofty Bitcoin price predictions made in recent days and proposals that 2020 could be the new 2017 for the premier crypto, the technical MACD indicator is now about to flash bullish.
The MACD indicator, or the Moving Average Convergence Divergence, is one of the most important indicators for technical traders.The metric measures momentum in the underlying asset. Moreover, this acts as a trigger for sell and buy signals.
Specifically, traders identify an opportunity when the MACD crosses above its “signal line”. Conversely, traders generally sell – or short – the particular asset when the MACD falls below the signal line.
Bitcoin is about to another bullish MACD indicator cross
For example, 2017 saw Bitcoin perform a bullish MACD indicator cross. This set off the remarkable 2017 Bitcoin supercycle. After performing a bullish cross in March of 2017, Bitcoin went on a massive bull run from $971 to roughly $20,000.
This corresponds to a staggering 2,000% bull run in a little over nine months. Moreover, the MACD indicator was also able to signal the beginning of 2018’s “crypto winter”. This is far from one of the only times the Bitcoin MACD has been able to predict market movement.
In early 2019, Bitcoin’s MACD was able to predict a massive 400% rise in the price of Bitcoin. Consequently, it is clear that the MACD indicator is accurately able to gauge Bitcoin’s upcoming performance.
Is Bitcoin about to enter its next supercycle?
Now, Bitcoin’s upcoming supercycle could be about to commence with yet another bullish Bitcoin cross. The Bitcoin halving event is less than one month away. However, these latest MACD figures are giving some concrete support to the notion that Bitcoin could be about to rally.
A recent price analysis from Cointelegraph posits that Bitcoin could see a breakout in the coming 24 to 48 hours. In fact, it suggests that Bitcoin could gather enough momentum to rally to a price of nearly $10,000.
Although it is naturally uncertain whether or not this will be the case, it will be interesting to keep an eye on the crypto market in the coming hours and days.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.