Ripple’s XRP had a significant impact on the cryptocurrency markets due to the SEC lawsuit. So, what are the expert opinions on Bitcoin (BTC) that benefited from the rally?
Bull Expectation in Bitcoin!
In some recent social media analyses, popular traders Moustache and Titan of Crypto revealed a BTC price that is currently under development. According to analysts, Bitcoin is targeting the classic transition of the “bull market line.” Analyst Titan of Crypto believes that Bitcoin closely follows previous BTC price cycles and the timing for an upward wave is almost right.
By sharing past BTC/USD price data, attention was drawn to the 21-week simple moving average (SMA) which is currently at $27,900. It is suggested that when this upward sloping trend line surpasses the current spot price range, it may be followed by a long period of upward movement, and the 21-week SMA can give a “bull market line.” Titan of Crypto also referred to Bitcoin’s movement as the “beginning of a bull market” and said the following in his statements:
When the weekly 21 MA surpasses the BTC market structure, it will initiate a bull market. Get ready, it’s coming.
Analyst Comment on BTC!
The last time such an MA crossover occurred in Bitcoin was four years ago, in early 2019. The current price movement has the same connection point as the previous cycle. This led to the local high point of the specified year approaching $14,000. It was noted that it was temporarily reversed during the cross-market collapse of COVID-19, which Titan of Crypto referred to as a “black swan,” in March 2020.
According to another cryptocurrency analyst, Moustache, each previous Bitcoin bull market was heralded. He pointed out that a monthly candle close above the 20-month SMA indicated that each subsequent candle closed above it until the cycle peak. However, once again, in March 2020, it created a temporary exception to the rule. Moustache stated the following:
Imagine Bitcoin showing a downward trend while standing above the monthly 20 SMA line. Once Bitcoin closes above it, it never falls below it until it reaches the peak of the cycle. This was exactly the case in 2016-2018 and 2019-2021.
