Monday, April 22, 2024
HomeCryptocurrencyTop Crypto Analyst Pinpoints What Could Signal Reversal of Bitcoin (BTC) Into...

Top Crypto Analyst Pinpoints What Could Signal Reversal of Bitcoin (BTC) Into Next Bull Market

Kaleo, a popular crypto analyst and trader, has recently pinpointed the classical indicator that could trigger the entrance of Bitcoin (BTC), the largest cryptocurrency by market cap, into a new bull market.

In a new strategy session, the prominent trader said historically, every Bitcoin bull market started with price crossing above the 200-day simple moving average (SMA).

Whale Alert

Read Also: Investment Behemoth Says Bitcoin May Retest $10,000 before Skyrocketing By Over 200%. Here’s the Timeline

Kaleo further added that watching for a break of the 200-day SMA will be one of the key signals to wait for before flipping bullish on the flagship crypto.

Kaleo noted:

“I think one of the things, really, looking forward as far as watching for big pivots, any type of shifts from where we are, is a reclaim of that 200-day simple moving average as well. So as far as getting exuberantly and a shift for ‘Okay, we’re in the clear for a little while to go,’ that’s one thing I am looking for.

“I know it’s incredibly simple but it is something that has been a signature for every single bottom that we’ve seen on this chart over the course of the past few cycles. So I think that it’s something that is simple and easy to keep an eye on… Until that happens, just remaining patient is important.”

<

Kaleo suggests a scenario in which Bitcoin consolidates and hits a slightly new bear market low over the coming months before seeing a spike by June 2023.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles