Bitcoin New Price Prediction; BTC Accumulation Episode? | CryptoGazette
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It seems that the crypto market is struggling to recover following the latest corrections. Bitcoin, along with other important coins out there are now trading in the green.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $41,359.
One popular crypto analyst thinks Bitcoin (BTC) could be in for a rough couple of months before booming in price again.
Bitcoin accumulation phase?
In a new tweet, Kevin Svenson said that Bitcoin was showing a bit of weakness at the point of its weekly close on Sunday, particularly because it had failed to break through its 50-week moving average.
The trader also noteed that BTC is threatening to break below its 20-month moving average and its 600-day simple moving average.
Svenson also made sure to explain the fact that breaking below the 20-month moving average “usually spelled a multi-month dip to the bottom” in previous cycles.
“Even if we are going to be moving down here, we’re actually pretty close to the bottom, believe it or not. It’s not the end of the world if we do something like this. In 2014, it was four months. In 2018, it was two months below [the 20-month] moving average.”
He continued and said the following:
“So it could be anywhere from like two to five months of [heading] down, and then we just go sideways into the next halving. That’s what I think is most likely right now.”
Recently, we revealed that there is an important crypto analyst who said that there are three indicators with a historical record of signaling Bitcoin bull runs. These indicators are important due to the fact that they are all flashing green at the same time.
Check out our previous article in order to learn more details about this.
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