“This Indicator In Bitcoin Could Be A Bullish Signal”

While the crypto money market is facing consecutive bad events in 2022, Bitcoin (BTC) and altcoins also experienced large decreases. While investors who suffered losses from the declines are now waiting for the bear market to end and the bull rally to begin, popular crypto analyst Kaleo said that an indicator in BTC points to the bull. Kaleo, who recently posted on YouTube, pointed out that historically every Bitcoin bull market started when it broke above the 200-day simple moving average (SMA).

Kaleo argued that while the strategy he gave for the bull signal in BTC is simple, breaking the 200-day SMA will be one of the most important signals to consider before Bitcoin turns bullish.

“I think one of the most important things to watch for BTC to see really big gains is the recovery of the 200-day simple moving average as well. Being enthusiastic and saying ‘OK, we’re open for a little while’ is one of the things I’m looking for. This strategy is incredibly simple. I know it’s happening but BTC breaking above the 200-day SMA is something that’s been a signature for every bottom we’ve seen on this chart over the last few cycles, so I think it’s a simple but important piece of data to watch and follow. Until that happens, just be patient. It’s important to stay.”

Alongside the bull signal, the famous analyst also thinks there will be a new low in the bear market in the coming months, a scenario where Bitcoin consolidates and sees a spike until June 2023, a scenario where BTC hits its new low.

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