As the sector awaits with bated breath in the hope that some much needed positive light will shine on the Bitcoin market, it would seem like people would not have to wait that much longer. This is because a very popular market indicator that prognosticates certain directional trends has shown positive news for the market’s leading coin.
Moe Mentum, a crypto analyst, has pointed out that the indicator known as the TD (Tom Demark) Sequential has now flashed a very positive “buy nine” signal. This is not something that happens often and it is important to note that the last time the TD Sequential indicated a ‘buy nine’ was last year in July and within two weeks, Bitcoin had risen by a whopping $3,000.
As usual, the Bitcoin community is bullish about the king coin’s chances and almost always is. However, the TD Sequential’s own “bullishness” has to be maintained for a few days for any strong confirmation to be cemented.
A second model has also predicted a bullish near-future for Bitcoin. A while ago, a price model developed by crypto investment service BurgerCrypto, predicted quite accurately, that Bitcoin would lose over $2,000 and drop from $10,000 down to $8,000. The model which works based on Bitcoin’s history as well as its stock to flow ratio was not all doom, as it predicted that in late October into early November, Bitcoin would surge.
In addition, there are other pointers to the possibility of a Bitcoin price shoot sometime soon. In a recent tweet, popular analytics service, Skew, pointed out that many institutions at the Chicago Mercantile Exchange (CME) have begun holding long positions with others following suit.
The institutions aren’t only crypto-related firms but also include insurance companies as well as traditional pension funds. All of this, coupled with the bullish models, might mean that the Bitcoin market is slowly gearing up for a breakout.
Regardless, most of this to a large extent could be written off as expected optimism and until there are more clear and specific signs, nothing might change.