This Key Bitcoin Metric Flips Bullish For The First Time In 2021, Says Analyst Elliot Wainman
Top analyst Elliot Wainman unveils a Bitcoin (BTC) indicator that just had a weekly cross flip bullish. According to the trader, the last time this happened, there was over a 450% gain in BTC.
As Wainman says, while Bitcoin is putting its leg in the $50,000 level, but a bullish metric is pointing to much larger potential gains. In particular, the trader points out that the weekly moving average convergence/divergence (MACD) indicator for BTC/USD has flipped from red to green.
Moving average convergence divergence indicator (MACD) refers to a momentum oscillator used for a trend following a trading strategy. There are two lines, a MACD line and a signal line. When the MACD line crosses above the signal line, MACD is signaling a bullish trend.
“The metric is a reliable indicator used to determine the overall trajectory of an asset, and Bitcoin has so far been no exception,” the crypto KOL says.
He also mentions that the last time this bullish crossover occurred was in October 2020, in which Bitcoin experienced a 5.5X price increase — from $11,500 to all-time highs of $64,500 just six months later. If history repeats itself, Wainman expects to see Bitcoin reach around $220,000 by the end of the year or in early 2022.