Bitcoin price continues its weak movements in the last week of September. At the time of writing, the price is at $26,286. The negativity in the Asian markets and the dollar index reaching new highs have caused a significant loss in price this month. So, when will the expected rapid recovery period occur?
Crypto Bull’s Arrival Time
The renowned crypto analyst, known as TechDev, recently shared his views on the next bull market. The expert, who previously sent the crypto king to the bull, highlighted three major signals. He placed a Bitcoin price chart against these indicators.
The first one is their global liquidity signal against major central bank balance sheets. The shared liquidity signal by the analyst tries to make sense of global liquidity cycles by comparing the dollar index (DXY) with China’s 10-year bonds (CN10Y).
The other two indicators are MACD and monthly vortex. These two are frequently used to track trend reversals.
“During Bitcoin’s previous ATH journeys, we received strong rally signals in each of these.
Breaking above the 20M MA
Monthly MACD bullish crossover
Monthly Vortex bullish cross”
In a recent analysis, the expert mentioned that on-chain readings indicate what happened in the previous bull journey. According to the graph, the increase in the amount of BTC that has not moved for more than a year and the subsequent plateau drawn are consistent with previous cycles. As shown by TechDev’s green circles, the same situation occurred in the 2015-2016 market cycle.
In summary, according to the analyst’s predictions, the start of the bull season may not be as far away as anticipated.
Bitcoin Current Price Analysis
The dollar index has risen above 106 again and surpassed its peak in March. This situation signifies more risk for the risk markets. One of the most significant reasons for the negativity in the Bitcoin price is the steady rise of the dollar index.
Sellers continue their struggle to bring the price below $26,000. If buyers succeed, we will witness the first positive September closing, albeit weak, since 2016. As October is generally favorable for buyers, a positive September closing can boost the motivation of the bulls.
