Despite Bitcoin (BTC) returning to the price from before the spot exchange-traded fund (ETF) news debacle, some signs suggest that the flagship decentralized finance (DeFi) asset might still experience a strong bullish rally in the near future.
Specifically, the cryptocurrency trading expert known on X as Seth has shared an analysis of the Bitcoin price action, pointing out that the Gaussian channel has turned green, which has historically suggested it was “time to HODL,” as he explained on October 17.
According to the cryptocurrency market analyst, “the signs are crystal clear” that the Bitcoin bull market is back, those who say that “this time is different” are wrong, and he has optimistically urged his followers to “get ready to ride the wave to the MOON!”
As it happens, the Gaussian channel indicator has, indeed, turned green recently, and according to the cryptocurrency expert’s predictions on the chart, which goes back to 2013, Bitcoin is ready to begin its move toward the area of $120,000 or even $200,000 in the next couple of years.
Bitcoin price analysis
As things stand, the maiden crypto asset was at press time changing hands at the price of $28,513, demonstrating an increase of 0.52% on the day, as well as a 5.41% gain across the previous seven days and an advance of 6.81% over the past month, as per the information retrieved on October 18.
Meanwhile, Bitcoin’s price reaction to recent fake news on spot Bitcoin ETF approval has offered an interesting insight into what could happen if (or when) this actually takes place, and Alphabet’s (NASDAQ: GOOGL) artificial intelligence (AI) platform Google Bard predicts a range of between $100,000 and $200,000, as Finbold reported on October 17.
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Source: https://finbold.com/this-btc-indicator-turns-green-bitcoin-to-the-moon/