Feb 18, 2023
DCA Indicator Flashes Bullish for Bitcoin, Preceding 640% Price Upside
This week, a major Bitcoin (BTC) price indicator flashed green for only the fourth time ever, signaling a potential bull market for the digital asset.
The dollar cost average (DCA) indicator, which measures the relative profitability of a hypothetical DCA strategy involving $1 buys per day for a year, is getting attention from major Bitcoin investment circles. According to crypto market analyst Mohit Sorout, the indicator has only flashed three times throughout Bitcoin’s history, each time preceding a massive price rally.
“Today marks the 4th time this signal is suggesting a raging bullmarket,” Sorout tweeted on February 16th.
The DCA indicator is just one of several rare bull signals that have been observed this month. Another is the Williams %R oscillator, which is a momentum indicator that measures overbought and oversold conditions.
However, Bitcoin’s latest trip to six-month highs is being labeled as a “failed breakout” by Caleb Franzen, a senior market analyst at Cubic Analytics. Data from Cointelegraph Markets Pro and TradingView also showed two moving averages (MAs) forming a “death cross” for the first time ever this month, which is a bearish signal for the cryptocurrency.
Despite these bearish signals, many investors remain optimistic about Bitcoin’s performance in 2023. Dan Tapiero, founder and CEO of 10T Holdings, believes the DCA indicator’s buy signal is “the mother of all btc bullish signals.”
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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
