There is no doubt that sentiment has turned bullish for bitcoin. It has remained above the psychological $8,000 barrier for the weekend and institutional investors are starting to go long again.
Bitcoin Market Cycles Lengthening
Analyst Benjamin Cowen has taken a different way of looking at price data in his latest video. He has essentially removed the irrational short term price moves over the past year to average them out.
The aim was to estimate how much longer the current accumulation phase will last. The suggestion is that a continuation of the current trend would take prices slowly upwards over the next market cycle. The cycles are lengthening so it is likely that the current phase could last another year or so.
Cowen makes several references to the twenty-week moving average which BTC price is currently below indicating that the bull market has not arrived yet. It is currently serving as resistance at just below $8,400.
A long term trading signal turned bullish this week for the first time since March 2019 and BTC just…