Bitcoin Price Approaching Buy Opportunity, Says Crypto Pundit
Crypto analyst at Brave New Coin Josh Olszewicz says Bitcoin (BTC) is about to see a buy signal the cryptocurrency only goes through once a quarter.
In a Tweet on April 19th, Olszewicz shared a video commentary on the chart below to discuss the “once in a quarter, once a year biannual trade opportunity” for BTC. The analyst indicated that the digital asset is about to cross above the Ichimoku Cloud for the first time in five weeks, which might mean the price could be significantly higher than the $7,167 at press time.
“It doesn’t happen very often,” Olszewicz said in the video, while admitting this method of analysis makes him money with a simple “buy and hold”.
BTC price rallied 250% in 2019
The Cloud is a more visual way to interpret cryptocurrency trends, defining support and resistance, identifying trend direction, gauging momentum, and providing trading signals. Certain averages provide analysts a means to predict whether the price might turn bearish or bullish.
The method has previously been used to analyze bullish trends in BTC. In 2019, the move above the red cloud marked a 250% rally in the BTC price from $4,000 to $14,000.
BTC is currently priced in the $7000s and has three more weeks to go until the rewards halving. For 2020, Olszewicz did not provide any kind of timeline as to when the cryptocurrency might turn bullish, but emphasized that the Cloud was flashing a “buy signal opportunity… over the next few weeks.”
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