Bitcoin (BTC) closes the day of November 11 at 11,111 USD: that’s a sign! This trader lists 23 signals that he says heralds bullish days for Bitcoin.
While waiting for this famous bull run, BTC is trading at $ 10,705 as of this writing.
BTC options market sweeping up
According to the trader Byzantine General, 23 key indicators support the start of a bullish phase for Bitcoin.
These 23 technical and fundamental factors can be classified into 4 main categories.
The 1st is the gradual neutralization of the options market.
Exchanges use funding to avoid excessive fluctuations when buying or selling.
When the trend is up, investors who speculate on a rise in price must pay compensation to others.
This funding rate has remained neutral or negative for the past few weeks, which is a positive signal for Bitcoin.
The 2nd category is a reducing the use of leverage : Rejecting the resistance levels of $ 12,000 and $ 12,500 has been critical for traders in the futures markets.
Since then, interest in futures contracts has declined considerably resulting in a consolidation which is reflected in fluctuations in the price of the BTC.
Opening of market valves before a rise
The 3rd category concerns on-chain indicators. The fall in the price of BTC resulted in a reset in a market that was previously overheated.
According to Byzantine General, previous bullish cycles started after key reset times.
At the same time, the Fear and Greed Index which makes it possible to assess market sentiment, reveals a neutral general perception despite the timid recovery in the price of BTC.
The last category concerns Bitcoin fundamentals, in particular the hashrate, considered one of the main indicators of the state of the blockchain.
Byzantine General indicates that the current production cost of Bitcoin is green, signaling minors in a loss situation.
These phases are characterized by a significant sale of bitcoins opening up interesting buying opportunities: selling leads to downward pressure, but the course then tends to straighten out.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
23 bullish signals but, 1 single bearish weighing heavily in the balance would be enough to wipe out all hopes for a new ATH and more. We now ask for the timing. When is this explosion? Not for the century next, we hope.
Litecoin, welcome in the Silver Age