Bitcoin community members are collectively looking forward to a long-term price rally that could send the asset to never-before-seen levels.
However, the possibility of a long-term rally depends on a handful of technical and fundamental factors in the market.
A popular analyst took to X, formerly known as Twitter, to share his views on the path Bitcoin needs to take to kickstart a sustainable bull run. According to the analyst, Bitcoin has a pattern of spending time under the monthly Williams Alligator Indicator before breaking into a bull run.
“Each cycle, Bitcoin must spend ample time under the Monthly Williams Alligator before it begins the bull market. After the bear market downtrend is broken, many bull market signals start to falsely fire off, at a progressively more convincing rate… but the Alligator catches it all.” The analyst asserted.
He goes on to affirm the consistency of the Williams indicator over the years.
The Williams Alligator Indicator is a technical analysis tool used to identify trends in the market. The indicator uses the smoothed moving averages and calculates with a simple moving average (SMA). It also utilizes the convergence-divergence relationships to build trading signals.
The analyst is quoted saying;
“…. 2019 put in an impressive parabolic run but ultimately could not escape the suppression. Almost every bull market signal has triggered for this cycle, but the gator has not escaped. Once that happens, the true bull run can begin.”
Predictions for Bitcoin and other assets have made rounds in the cryptocurrency community as the cryptocurrency market prepares to water the new month.
Bitcoin, the leading cryptocurrency by market cap, has been making a slow but highly anticipated recovery, following what many consider to be an underwhelming performance from the previous weeks.
Bitcoin kicked off August with a price of $29,675 and briefly tapped the $30,000 price market. The apex cryptocurrency would fluctuate between the $26,000 to $29,000 price zones before retesting previous support levels.
Bitcoin is now trading at a press time price of $25,929 while trading volume soars.