Bitcoin Flashes Reliable Bottom Indicator

It’s been just revealed that Bitcoin flashed a reliable bottom indicator. Check out the reports about all this below.

It’s been just reported that a popular crypto trader said that Bitcoin (BTC) just flashed a signal that has historically marked the bottom of previous bear markets.

In a new strategy session, analyst Kevin Svenson said that Bitcoin’s weekly volume signature on Coinbase is suggesting a possible trend reversal for BTC.

“The thing that’s catching everybody’s eye right now is of course the Coinbase weekly volume, and these weekly volume signatures have been extremely reliable at calling major market bottoms and major market tops.”

He continued and explained the following:

“Just like the 2017 bull market peak, there was a volume signature there. The $6,000 low point volume signature right there as well. That $3,000 low in 2018, right around that area, major volume spike right there. The 2019 $14,000 top, major volume signature associated with that top. The Covid crash, major volume signature right there. And also our $30,000 bottom right here in 2021 major volume signature there.

He also explained that if you’re looking to the right, “we can see that we are once again getting that type of volume levels.”

It’s also worth noting the fact that the weekly volume signature on Coinbase has proven to be a reliable bottom indicator in the past, Kevin Svenson says this time might be different now. This is due to the fact that Bitcoin is closely mirroring the price action of the US stock market.

“Now that we’re seeing this volume signature on Bitcoin exceeding all previous levels on the Coinbase chart, if the stock market plays out a rally from this point, at least this will be the bottom for that temporary rally wherever that may lead us to.”

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $30,126.