Is Bitcoin on the Verge of a Bull Run? Analysts Weighs In
A well-regarded analyst in the crypto sphere recently highlighted a rare and promising signal related to Bitcoin's future trajectory.
TechDev pointed out an intriguing development: the Vortex Indicator (VI) signaling the potential start of a bullish run for Bitcoin.
A rare #bitcoin buy signal which has never missed. pic.twitter.com/umcSxh4jK3
— TechDev (@TechDev_52) December 16, 2023
This VI, a tool used to identify shifts and validate ongoing trends in technical analysis, has apparently predicted previous Bitcoin bull markets accurately. TechDev’s analysis of Bitcoin’s monthly chart indicates that this VI is now indicating a bullish phase for the fourth time.
The analyst also drew attention to the notable performance of the Dow Jones Industrial Average (DJI), hinting at a potential correlation between its positive performance and Bitcoin’s future movement.
New all-time-high on the Dow Jones today.
Wonder what’s next. #Bitcoin pic.twitter.com/g2UuqIYTrA
— TechDev (@TechDev_52) December 13, 2023
Additionally, TechDev shared a chart that juxtaposes the Chinese 10-year yield against the US dollar index (CN10Y/DXY).
READ MORE: Big Decision Looms: U.S. Bitcoin ETF’s Fate to Be Revealed Soon
This illustration aims to showcase the cyclical patterns of global liquidity and their possible impact on Bitcoin’s market cycles.
The chart suggests a similarity between the current rise in global liquidity and previous instances in 2011, 2013, 2017, and 2020, hinting at a potential correlation with Bitcoin’s movement.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
