Another technical indicator gives a bullish signal, suggesting a promising long-term outlook for the parent cryptocurrency. It suggests an imminent long-term upside, although bitcoin (BTC) may first revisit $28k before takeoff.
Bitcoin (BTC): Long-term rise in sight
Another technical indicator, theMonthly Average Sentiment Oscillator (ASO), suggests a bullish signal imminent on the price of bitcoin (BTC). The two curves of this indicator are currently crossing, indicating a long-term bullish phase for the cryptocurrency.
The last crossover in May 2022 was followed by a 57% drop in BTC. The current bullish signal could reinforce this year’s uptrend, with a potential upside of at least 68% to the resistance at $48,240.
According to an analysis by trader Titan of Crypto, the signal given by the ASO even suggests a rise to a new all-time high, highlighting that Bitcoin (BTC) is ready for takeoff! Its chart highlights the three cycles of the price of BTC, the second phase of which has just ended with the crossing of the curves.
Following the logic of the cycle, the next phase could be a long-term bull market, hinting at a potential rise in bitcoin (BTC) below $69,000.
Likely bounce off $28,000 support
Yesterday, BTC closed down 3%. If this trend continues, Bitcoin (BTC) could revisit the support at $28,000 before taking off. The descending channel on the daily scale has not yet been crossed upwards, suggesting further downside.
So, despite the long-term bullish outlook, the price of bitcoin (BTC) could experience further declines in the short term. However, this would represent a buying opportunity for investors on the support of $28331. Moreover, large portfolios currently continue to accumulate.
- Admission: $28,331;
- Stop: $27,000;
- Goal: $50,000.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
