Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now

Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now

>Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now


Indicator bull div echoes March 2020
Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.

According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence.

"This indicates the weakening of downtrend momentum," part of accompanying Twitter comments read:
"$BTC may pick up a Massive Rally."


A move to the upside would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.

OBV acts as a cumulative measure of buy and sell pressure by keeping a running tally of volume across a given time period. It is similar to cumulative volume delta, but encompasses more than simply bid and ask trades.

Trader: RSI bull div is first for Bitcoin
OBV is not the only bullish divergence making waves in Bitcoin analytics circles.

Related: Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales

For Bitcoin trader and technical analyst Mags, a phenomenon playing out for the first time in Bitcoin’s history is the event to monitor going forward.

Again consulting the weekly chart, Mags noted that the BTC/USD relative strength index (RSI) is now printing a bullish divergence on weekly timeframes — something never seen before, not even at previous bear market lows.

"Every Bull Market Peak $BTC formed a bearish divergence on RSI followed by a bear market correction!" he explained:
"This the first time ever BTC is printing a bullish divergence on WEEKLY. Probably nothing."

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