Although Bitcoin has continued to trade downwards, the world's largest crypto asset is showing signs that the market could be getting ready for another move higher.
Amid the inconsistent price moves, Cryptoquant analysts have shared onchain that unveils a second early bullish signal appearing on its chart.
Bitcoin bottom soon?
The analyst revealed that Bitcoin's early bull signal has appeared for the second time in the cycle, which suggests that it could be preparing for a major price rally.
According to him, such a signal could not be overlooked as the pattern has previously appeared around Bitcoin's bottoming phases, before the asset moved into an uptrend.
Previously, the first Bitcoin early bull signal was followed by another decline. However, the second signal eventually emerged as the market was forming a bottom and preparing for a recovery.
As such, the analyst expressed belief that Bitcoin could be approaching its bottom again, especially now that the second early bull signal has reappeared.
Bitcoin holds around $64,000
Despite the bullish signal flashed by Bitcoin, the asset has continued to hold around the $64,000 price level.
Interestingly, market analysts believe that this level could become crucial for Bitcoin in deciding its next price move amid the rising signals.
Notably, this level can mark a strong base for a major price recovery on the condition that Bitcoin is able to maintain momentum around this level and attract fresh demand and intense buying pressure.
The analyst further noted that the bullish signal should not be viewed as confirmation that Bitcoin has already bottomed, noting that it will need to maintain key support and build sustained momentum before a major recovery can be confirmed.
InkByte Editorial Team
Dan Burgin
