Bitcoin May Have Entered a New Bullish Phase, Analysts Say

LookIntoBitcoin analysts have concluded that Bitcoin may have entered a new bullish phase as many market participants have “dropped out” in recent months. However, the risk of a rollback and testing of recent lows remains.

According to them, despite the possibility of the growth wave fading in recent weeks, there are good chances to reach the 200-day WMA at $24,690.

In October-November, the Cumulative Value Days Destroyed and balanced price indicators indicated a high probability of prices reaching a cyclical bottom. The specialists have emphasized that with each subsequent day after the price rebounds from the key values of the metric, the chances of the rally continuing grow.

Pewell’s multiplier has dropped into an accumulation band. This situation usually coincides with the bottom in conditions where some miners have no choice but to force sell bitcoins at a low price.