The cryptocurrency industry has yet to recover from the effects of the demise of FTX, long one of the leading cryptocurrency exchanges.
Nonetheless, some of its assets, like as Bitcoin (BTC), are seeing modest rises, and certain signs imply that these gains may soon accelerate.
In fact, based on the Bollinger Band Width Percentile (BBWP) indicator, which is at its lowest level in almost six years on Bitcoin’s two-week chart, the leading digital asset may be poised for a spectacular upward rise.
In particular, Bitcoin gained over 80% during the subsequent four weeks in May 2016, the last time this indicator exhibited such low levels as it does now, according to a November 28 statement by the pseudonymous analyst Moustache.
In addition, another technical analysis (TA) signal shows a rebound may be in the cards for the first decentralized finance (DeFi) token, as revealed by the renowned cryptocurrency expert Trader Tardigrade on November 28.
This indicator is the Price Momentum Oscillator (PMO), which is often derived from a Rate of Change (ROC) calculation that is smoothed twice using exponential moving averages (MA) using a unique smoothing procedure. It fluctuates relative to the zero line.
In the case of Bitcoin, Trader Tardigrade stated that the PMO is now below zero, which, paired with being “in touch with the curved support,” might “start a bounce,” which, according to the expert’s chart, could occur in 2023 or 2024, perhaps reaching a high of $24,000.
According to the research of crypto expert Mags, as reported by Finbold, the cycle channel oscillator (CCO) reached the bear market bottom and a great location to dollar cost average Bitcoin, which might lead to a bullish surge.
Bitcoin is now trading at $16,504, an increase of 1.63 percent on the day and 4.87 percent over the previous seven days, but a loss of 20.57% on the monthly chart.
According to CoinMarketCap statistics received by Finbold on November 29th, Bitcoin maintains its position as the biggest cryptocurrency on the market with a market value of $317.01 billion.
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