Bitcoin price rally by 4,000% – this signal initiated the bullrun in 2016 and could happen again

The Bitcoin price is currently around 9,250 USD and has been falling and rising for a few hundred USD for weeks. Despite this consolidation phase with low volatility, there are fundamentally many reasons to be very bullish on Bitcoin for the next few months and years. But what is the current state of the chart? Here, too, an indicator has given a bullish signal in the past few days. This indicator has already peaked the bullrun by 4,000% to $ 20,000 in 2016 and is now raising hopes for Bitcoin price gains soon.

 

Bitcoin price currently still in the bear market

Although the crypto winter 2018 for BTC and the entire cryptocurrency market has now been almost 2 years ago, the Bitcoin price is currently still in a bear market. The low of just over USD 3,000 at the end of 2018 has long since been overcome at the current prices, but the BTC chart has been showing lower highs and lower lows for over a year.

As the analyst behind the Twitter account @LimitlessXBT writes, this is by definition a bear market:

“Allow me to explain: BTC has not reached a higher high in a whole year, so by definition it is not a bull market. BTC has reached lower lows and highs in a row for a whole year, making it a bear market by definition.”