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Key metrics indicate that the Bitcoin bear macro cycle is over

Key metrics indicate that the Bitcoin bear macro cycle is over


Although Bitcoin intraday performance has been relatively bearish lately, this may be about to change. That is at least if several key Bitcoin metrics should be believed. In addition, this could announce a significant change in the performance of the cryptocurrency market in general.

First, it is worth presenting a brief summary of the cryptocurrency market at the end of 2019. Specifically, the cryptocurrency market has seen a downtrend since the beginning of November. However, it is speculated that this may be about to change.

In addition, some key metrics now suggest that this might be the case soon. Although Bitcoin has had multiple attempts to break $ 9,500, which have not materialized, Bitcoin could still recover for a year-end cryptocurrency recovery. As such, the Bitcoin bear cycle may be coming to an end.

First, the Bollinger Bands Indicator suggests that the next milestone for the price of Bitcoin is somewhere around the $ 8,000 level. If Bitcoin breaks this key line, the main cryptocurrency could probably increase to $ 9,000.

Another key indicator is the convergence indicator of moving average divergence (MACD). This trading metric reveals changes in the direction, momentum and solidity of the price of an asset. In addition, the MACD indicates that Bitcoin will soon see a bullish cross when the daily trading candle closes.

Key metrics suggest bullish cross

If this is the case, Bitcoin could be about to embark on a change in trend. Consequently, the downtrend of more than a month could break. As such, several observers now see this as a turning point for Bitcoin’s short-term trend and a buy signal.

In addition, the Bitcoin CME gap is also closing remarkably to a maximum. This gap has served as a commercial indicator recently and, as such, is seen as another buy signal for the main cryptocurrency. According to an opinion on this, Bitcoin could see a 7% increase in the immediate future.

If this happens, Bitcoin , and the broader cryptocurrency market , could see a year-end uptick. This would probably remind of the famous Bitcoin rally at the end of 2017. This made Bitcoin rise to its all-time high of around $ 20,000.

There are many Bitcoin high price predictions , however, these three key metrics are more concrete than most. However, it is worth reiterating that the future is always uncertain. Cryptocurrency markets are always volatile. However, key market metrics such as these could provide valuable information on market price dynamics, accurate or not.

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