Bitcoin (BTC<\/a>) may follow stocks on a \u201cmassive bull run\u201d as the weekly chart delivers a unique sign of strength.<\/p>\n The latest analysis from several well-known crypto names suggests it is time to give up the bear market<\/a> narrative.<\/p>\n Despite everyone talking about a new macro BTC price low, possibly at $12,000<\/a>, new perspectives demand a rethink.<\/p>\n Be it thanks to macro or just good old Bitcoin price cycles, there are three new reasons to flip bullish on Bitcoin in its current state near two-year lows.<\/p>\n First in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.<\/p>\n In a tweet from Nov. 24, Zeberg maintained<\/a> that Bitcoin is still acting just like other risk assets \u2014 but notably, \u201cnot like gold.\u201d <\/p>\n With the FTX scandal weakening the correlation between BTC and stocks, there is nonetheless no reason to abandon the idea that it will return.<\/p>\n For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC\/USD over $100,000.<\/p>\n \u201cBitcoin moves as a Risk Asset (not like Gold!). When SPX explodes higher in Blow-Off Top towards 5700 – 6000 target area – Bitcoin should reach 90k – 110k,\u201d he wrote:<\/p>\n \u201cFinal rally before Deflationary Bust!\u201d<\/p><\/blockquote>\n An accompanying chart appeared to put the rally beginning at the start of 2023.<\/p>\n Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.<\/p>\n According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC\/USD weekly chart has printed 20 weeks of bullish divergence. <\/p>\n \u201cThis indicates the weakening of downtrend momentum,\u201d part of accompanying Twitter comments read<\/a>:<\/p>\n \u201c$BTC may pick up a Massive Rally.\u201d<\/p><\/blockquote>\n A move to the upside would correspond to Bitcoin\u2019s behavior after the March 2020 COVID-19 cross-market crash.<\/p>\n OBV acts as a cumulative measure of buy and sell pressure by keeping a running tally of volume across a given time period. It is similar to cumulative volume delta, but encompasses more than simply bid and ask trades.<\/p>\n OBV is not the only bullish divergence making waves in Bitcoin analytics circles.<\/p>\n Related:\u00a0Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales<\/a><\/em><\/strong><\/p>\n For Bitcoin trader and technical analyst Mags, a phenomenon playing out for the first time in Bitcoin\u2019s history is the event to monitor going forward.<\/p>\n Again consulting the weekly chart, Mags noted that the BTC\/USD relative strength index (RSI) is now printing a bullish divergence on weekly timeframes \u2014 something never seen before, not even at previous bear market lows.<\/p>\n \u201cEvery Bull Market Peak $BTC formed a bearish divergence on RSI followed by a bear market correction!\u201d he explained<\/a>:<\/p>\n \u201cThis the first time ever BTC is printing a bullish divergence on WEEKLY. Probably nothing.\u201d<\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\nStocks rally could produce $110,000 BTC price<\/h2>\n
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Indicator bull div echoes March 2020<\/h2>\n
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Trader: RSI bull div is first for Bitcoin<\/h2>\n
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