Bitcoin Price Flashes Buy Signal; Is This The Best Time To Buy BTC?

The price of Bitcoin witnessed a massive gain in January 2023, and it maintained its position above the $22,000 threshold despite macroeconomic problems. And, although it has faced resistance in re-claiming the peak of $24K, the outlook for Bitcoin (BTC) is still upbeat since its chart patterns are sending out several buy signals.

Bitcoin Flashes Buy Signal

According to an analysis that was released on February 9 and attributed to the pseudonymous cryptocurrency analyst Seth, Bitcoin is currently fighting with the 50MA (moving average), and its monthly chart appears to be offering a buying opportunity with several indications.

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The analyst also brought attention to one of his earlier tweets in which he had advised purchasing Bitcoin when its price was at $16,000, pointing out that those cryptocurrency investors who did so at that time have since seen a 42.5% gain on their investment in the leading cryptocurrency by market capitalization. He still expects the same to happen considering there aren’t any black swan events.

Bitcoin Price To Rally Soon?

While voicing the same opinion, another prominent crypto trader–Michael van de Poppe–iterated that Bitcoin could possibly retest $21.7K but due to the sheer enthusiasm in the market, BTC price would most like continue its rally. Trader Tardigrade, another crypto specialist, too noticed favorable indicators surrounding Bitcoin’s price, particularly in terms of the cryptocurrency’s “ribbon zone,” which stands for a bear market. Trader Tardigrade’s observations may be found here. According to the knowledgeable individual who made the observation, “correlated with [relative strength index (RSI)], BTC has departed the bear market.”

The assumption underlying the ribbon hash indicator is that certain periods of Bitcoin miners being in distress and possibly capitulating can occur when the BTC price is at major lows, and as a result, these periods may present a good opportunity to buy the dip if they occur during times when the BTC price is at major lows.

Additionally, it should be mentioned that BTC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker also recommend purchasing as summarised from moving averages suggesting “buy” at 10 and “sell” at 6. As things currently stand, the price of Bitcoin is currently trading at $22,776 which represents a decline of 1.67% over the past 24 hours, in contrast to a drop of 4.77% over the last seven days.

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