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After remaining the hot cake for a better part of 2017 and early 2018, Bitcoin’s price nosedived to $6,200 in February 2018. However, if trends are to be believed, there could be a revival in Bitcoin’s fortunes. If that happens, it will mark another bull run for Bitcoin, and that the longest one.
Bitcoin’s average convergence-divergence histogram shows higher lows, which is indicative of seller exhaustion. Many other indicators also seem to suggest that there could be oversold conditions.
So, What Do The Trends Say?
Bitcoin’s current price is $8,329. However, every time it soared above the $8,500 mark, it was rejected by the investors on 1st October. In fact, there was a pullback of $400 in Bitcoin’s price to keep the prices stable. This would have ended the lows at the $7,700.
However, Bitcoin’s MACD histogram suggested otherwise, as it had recovered substantially after 26th September from -236 to reach -56. This could mean that the bearish momentum has passed, and the arrival of the bull period is in the waiting.
Impediments in Bull Run for Bitcoin
Bitcoin mining might face stiff resistance during its rise at the 200-day moving average. It is currently at $8,503. It could be extremely challenging for Bitcoin to get past this mark. The bull run will again begin to dwindle if investors make up their minds to not put their money in anything over $8,000. Currently, that looks unlikely, though. But it is also true that any efforts to move beyond the $8,800 mark are likely to yield no results because of the biased attitude of most duration charts toward the bearish run.
Whether or not this bull run sustains for long remains to be seen. However, trends seem to support yet another bull run for Bitcoin and it is happening for sure.