[Analysis] Has Bitcoin Bottomed? Signal That Marked Past Bear-Market Lows Reappears
Summary
- On-chain analyst Willy Woo said Bitcoin (BTC) may enter a long-term uptrend after hitting a low in July.
- He said a bullish crossover signal appeared on Bitcoin’s monthly Fisher Transform indicator, reviving a pattern seen at past bear-market bottoms.
- He said the bullish signal has appeared three times in Bitcoin’s history, and each time coincided with a bear-market bottom, making this the fourth signal.
Forecast Trend Report by Period
Bitcoin may be entering a long-term uptrend after hitting a low in July, according to an analysis, as a technical indicator that previously appeared at Bitcoin bear-market bottoms has resurfaced.
Cointelegraph reported on September 18 that on-chain analyst Willy Woo said Bitcoin’s monthly Fisher Transform indicator had flashed a bullish crossover. The Fisher Transform is a technical analysis indicator that processes price moves to gauge trend direction and the potential for reversals.
In a post cited by Cointelegraph, Woo said the bullish signal has appeared only three times in Bitcoin’s history, and each instance coincided with a bear-market bottom. The latest reading marks a fourth signal, he said.
As of 8 p.m. on September 18, Bitcoin was trading at $78,210, up 2.42% from a day earlier, according to CoinMarketCap.
Uk Jin
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