RATE Group | Bitcoin Price $4K by April? One Big Reason to Not Be Bullish Just Yet
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Bitcoin Price $4K by April? One Big Reason to Not Be Bullish Just Yet

12 Jan Bitcoin Price $4K by April? One Big Reason to Not Be Bullish Just Yet

Posted at 22:20h in Bitcoin News by

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Bitcoin price (BTC) increased over 10% over the past week, so it didn’t take long for the usual crypto Twitter suspects to start screaming that they are all bullish now. Even I saw some bullish momentum as outlined in last week’s analysis, but have we seen the bottom yet? Or is there more downside to come before we resume a bull trend?

Daily crypto market performance

Daily crypto market performance. Source: Coin360.com

The monthly MACD is bearish

BTC USD monthly chart

BTC USD monthly chart. Source: TradingView

Working backward through various time frames, a look at the Moving Average Divergence Convergence (MACD) shows it crossed bearishly on Dec. 1 and the first red candle on the histogram was printed.

Bitcoin has never seen a single candle before changing the bias on the MACD in its entire history. As it’s one of the most widely used indicators for momentum trading, this indicates that there is bound to be a longer downward period than most traders would like to admit.  

However, one positive that is worth taking note of is that…

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