Crypto
BTC Bear-Market Signal Resurfaces as Price Hits July Low
On-chain analyst Willy Woo believes that Bitcoin (BTC) may be entering a long-term uptrend after hitting a low in July. According to Woo, a bullish crossover signal has appeared on Bitcoin's monthly Fisher Transform indicator, marking a pattern seen at past bear-market bottoms.
The Fisher Transform is a technical analysis indicator that processes price moves to gauge trend direction and potential reversals. Woo noted that the bullish signal has appeared only three times in Bitcoin's history, each instance coinciding with a bear-market bottom.
This latest reading marks a fourth signal, which could indicate a long-term uptrend for BTC. As of September 18, Bitcoin was trading at $78,210, up 2.42% from the previous day.