A Bitcoin (BTC) Bull Run Is Inbound, Long-Term Trends Show

Bitcoin (BTC) may have collapsed by 7% last week off news that Tether’s USDT might not be entirely backed, but one long-term-centric analyst argues that technicals still look bullish for the asset. In a recent series of tweets, Dave the Wave, a popular trader that likes to focus on Bitcoin’s multi-year cycles, noted that long-term indicators are currently signaling that BTC is poised to break out.

As seen below, Bitcoin recently rebounded off its 50-month moving average, which supported the value of BTC through the 2015 bear market. The last time such an event was seen, BTC stagnated for a number of months before running to establish a new all-time high.

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