Key Indicator Flips Long-Term Bullish on Bitcoin Price

Long-Term Bull Trend Intact, Indicator Shows

Bitcoin has been embroiled in a tumultuous downward trend since peaking in June of this year. Since hitting $14,000, it has tumbled by over 40%, falling all the way to $8,000, where it has seemingly found some semblance of support.

Although many have taken this bearish price action as a sign that Bitcoin has lost its macro bull trend, an indicator on the cryptocurrency’s one-month chart recently issued a strong long-term buy indicator.

This, as analyst Mitoshi Kaku recently pointed out, is the Ichimoku Cloud’s first lead line crossing above its second, flipping green for the first time in months. He wrote in a response to the inquiry about the indicator that this “could be the start of something beautiful”, referencing the idea that the Ichimoku Cloud is currently predicting that Bitcoin is soon to enter a long-term bull market.

That’s not all. Per previous reports from Ethereum World News, Nunya Bizniz recently observed that the…