CoinDesk analyst Omkar Godbole, pointed out a striking trend in Bitcoin. According to this trend for the first time in four years, the price of Bitcoin may have reached the bottom and may start a new bull race this year.
Godbole says that: "At the moment, Bitcoin's 50-week moving average (MA) fell below its 100-week moving average, so a bear's cross occurred. This is the first time since April 2015. The long-term bearer crosses tend to occur at the end of a large bearish movement as the moving averages are based on historical data and subsequently recovered following the prices.
Bitcoin's past data indicate that the previous month's market ended in April 2015, with the 50-week MA falling below the 100-week MA."
Godbole then points out that in April 2015 the 50-week MA fell below the 100-week MA, as shown in the graph above. He says it occurred three months after the bear market ended at $150 a barrel.
The analyst says that the number-one crypto-money spent the next five months consolidated in the $ 200-300 range before a rapid rise in October. Godbole says: "Interestingly, all of this happened a year before Bitcoin's quiz of the mining award in July 2016."
Godbole says: "The third half has stayed for more than 12 months, and history seems to repeat itself. There is a strong possibility that BTC will start a new bull race this year."