Bitcoin Flashes Rare Bullish Divergence – Déjà Vu for BTC?
Bitcoin hovered a little below $64,800 on Thursday, up about 1.2% over the past week, as bulls attempted to push the crypto asset back above the key $65,000 level.
New data indicates that its current market structure closely resembles a period that changed the course of the cycle.
Historic Signal
Crypto analyst Ali Martinez said Bitcoin may have already formed its market bottom after a bullish divergence reappeared between BTC’s price and Net Capital Flows. According to Martinez, the last time the same divergence emerged, it marked the cycle bottom before the crypto asset rallied from around $15,000 to eventually reach $126,000.
He said, “The same signal is back,” which suggests that the indicator that identified the previous cycle low has returned. Earlier, Martinez pointed to another technical indicator that had turned bullish for BTC. He said the SuperTrend indicator had flashed a buy signal.
Doctor Profit has repeatedly expressed a similar view on Bitcoin’s current price range. The analyst has said that the $64,000-$54,000 range represents a buying opportunity, rather than trying to time the precise low.
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