{"id":20112,"date":"2023-07-20T10:09:29","date_gmt":"2023-07-20T10:09:29","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-say-get-ready-as-btc-price-preps-2023-bull-market\/"},"modified":"2023-07-20T10:09:31","modified_gmt":"2023-07-20T10:09:31","slug":"bitcoin-traders-say-get-ready-as-btc-price-preps-2023-bull-market","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-say-get-ready-as-btc-price-preps-2023-bull-market\/","title":{"rendered":"Bitcoin traders say ‘get ready’ as BTC price preps 2023 bull market"},"content":{"rendered":"
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Bitcoin (BTC) is gearing up for its next bull run in classic style, say traders eyeing two key trend lines.<\/p>\n

In some of their latest social media analysis, popular traders Moustache and Titan of Crypto revealed a BTC price breakout in the making.<\/p>\n

Bitcoin “bull market line” eyes classic crossover<\/h2>\n

Bitcoin is closely copying prior BTC price cycles, and the time is almost right for a bullish surge, according to Titan of Crypto.<\/p>\n

Uploading<\/a> historical BTC\/USD price data, he drew attention to the 21-week simple moving average (SMA), currently at $27,900 per\u00a0Cointelegraph Markets Pro and TradingView.<\/p>\n

Once this upward-sloping trend line clears the immediate spot price range, a protracted period of upside follows, giving the 21-week SMA its nickname \u2014 the \u201cbull market line.\u201d<\/p>\n

Titan of Crypto called the phenomenon a \u201cbull market kick off.\u201d<\/p>\n

\u201cOnce the weekly 21 MA crosses over BTC market structure it will kick off the Bull Market,\u201d he forecast. <\/p>\n

\u201cBe ready, it’s getting closer.\u201d <\/p><\/blockquote>\n

BTC\/USD annotated chart with 21-week SMA. Source: Titan of Crypto\/Twitter<\/em><\/figcaption><\/figure>\n

Bitcoin\u2019s last such MA cross occurred four years ago in early 2019 \u2014 the same juncture as today\u2019s price action during the previous cycle. This led to that year\u2019s local high near $14,000. <\/p>\n

March 2020 saw a brief undoing of the cross thanks to the COVID-19 cross-market crash, something Titan of Crypto calls a \u201cblack swan.\u201d<\/p>\n

Bitcoin trader: “Imagine being bearish” above $28,600<\/h2>\n

Another trend line on the radar concerns longer timeframes \u2014 the 20-month SMA.<\/p>\n

Related:\u00a0Bitcoin bulls battle to reclaim $30K amid BTC price RSI \u2018reset\u2019<\/em><\/strong><\/p>\n

This, Moustache notes, has heralded every previous Bitcoin bull market \u2014 a monthly candle close above the 20-month SMA has seen every subsequent candle also close above it until the cycle high. Here again, March 2020 forms a fleeting exception to the rule.<\/p>\n

\u201cImagine being bearish, while $BTC holds above the monthly 20 SMA-line,\u201d Moustache commented<\/a>. <\/p>\n

\u201cOnce Bitcoin has closed above it, it has NEVER AGAIN fallen below it, until the cycle top. This is exactly how it was in 2016-2018 and 2019-2021.\u201d<\/p><\/blockquote>\n

The 20-month SMA currently sits at $28,585.<\/p>\n

BTC\/USD annotated chart with 20-month SMA. Source: Moustache\/Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported, downside support remains tied to the 200-week SMA, along with various other daily and weekly trend lines functioning as a line in the sand during Bitcoin\u2019s recent bear market.<\/p>\n

Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n