A myriad of factors points to the possibility that the Bitcoin bottom could be in, which comes as the crypto finds itself caught within a firm bout of sideways trading within the mid-$7,000 region, closely on the heels of BTC’s recent bounce from lows of $6,400. One popular crypto analyst recently spoke about these factors, explaining that it is clear Bitcoin is on the verge of posting a long-term bottom, but how BTC trades during the final days of 2019 will likely confirm or reject this notion. At the time of writing, Bitcoin is trading up over 1% at its current price of $7,470, which marks a strong recovery from its recent dip to lows of $7,000 earlier this week. It is important to note that BTC has posted a series of strong rejections over the past couple of weeks, with each and every visit to the upper-$7,000 region being met with significant selling pressure that has sparked multiple sell-offs that have led the crypto back down to its current price levels. In spite of these rejections, Bitcoin has been able to continue crafting a long-term bottom formation, including a double bottom and inverse head and shoulders pattern. Jonny Moe, a popular crypto analyst on Twitter, spoke about these factors in a recent tweet, saying: “Two potential $BTC reversal patterns in progress with 2 slightly different, but similar, necklines: 1) Double Bottom: Neckline ~$7875 (blue) 2) Inverse Head & Shoulders: Neckline ~$7700 (yellow).” Furthering the bullish factors discussed by Moe is the fact that the recent bout of crypto miner capitulation – which is largely believed to have perpetuated the recent Bitcoin downtrend – has officially come to an end, meaning that significantly further upwards momentum could be imminent. Moe also spoke about this in a tweet, explaining that the crypto miner capitulation completion signal has only flashed a handful of times throughout Bitcoin’s history, always being a bullish sign. “Then combine that with the fact that a miner capitulation completion signal (a 30d hash rate SMA crossing over a 60d hash rate SMA) that has occurred only 9 times in $BTC’s history just occurred for the 10th time, color me excited,” he noted. Then combine that with the fact that a miner capitulation completion signal (a 30d hash rate SMA crossing over a 60d hash rate SMA) that has occurred only 9 times in $BTC's history just occurred for the 10th time, color me excited. Summary of that here:https://t.co/4ClM7hOTZD — Jonny Moe (@JonnyMoeTrades) December 29, 2019 As long as Bitcoin is able to maintain its tempered momentum over the coming couple of days, it is highly probable that it will see a massive extension of its upwards momentum throughout the first parts of 2020.Bitcoin in Process of Forming Long-Term Bottom, Good For Crypto Market
Completion of Miner Capitulation Further Signals That the Bottom May Be In
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