According to crypto trader and analyst Ali Martinez, the BTC bull-bear market indicator has been moving between the bearish and bullish ranges since early August. However, it appears that the sentiment has shifted now. Martinez mentioned that this crucial indicator has switched back to bullish again, predicting a huge Bitcoin price breakout.
The renowned analyst shared a chart of Bitcoin’s key metric. It clearly shows that this metric has turned bullish after a prolonged period of hovering around both extremes. The chart shows that Bitcoin enters a bull run once this happens. This has been witnessed in history, hence, there is a strong likelihood of another BTC bull run.
Meanwhile, the price of Bitcoin has started to support these bullish outlooks. As of now, BTC is trading at $60,815, a slight decrease of 0.66% in the last 24 hours. BTC was facing strong resistance around the $60,000 level in the recent past. However, it has successfully cleared this level now.
It appears that BTC is now trying to turn this range into a support zone. Once it successfully accomplished this, it is likely that it will then target the next resistance at the $63,000 level. The signals from these metrics are also supporting this price outlook, and it is likely that a notable upward trend is in the cards for Bitcoin.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
