A number of factors have contributed to Bitcoin’s recent price increase above $25,000. 2023 has been a positive year for cryptocurrencies, as the king of cryptocurrencies rose from $16,000 to touch $25,000.
Also read: Baby Doge Coin vs. Floki Inu? Who Put Out the Best Performance in 2023?
A key Bitcoin price indicator has turned green this week, signaling a warning to bearish investors. Mohit Sorout, a cryptocurrency market analyst, tweeted on February 16 that the dollar cost average (DCA) indicator had transitioned to “suggest a raging bull market.” This is only the fourth time this indicator has given a signal like this.
Does this indicate that the bearish stance is over for Bitcoin?
According to the details from Sorout, the bullish signal has only flashed three times in the history of bitcoin. All these instances have led to a rally of 7,400% in 2015, 160% in 2019, and 640% in 2020.
However, the price of Bitcoin dropped below $24,000 at press time. It is trading at $23,800 at press time, with a 3% drop in value over the last 24 hours.
Also read: How $5.9 Million Worth of Crypto Was Seized From $600 million Axie Infinity Hack
The 24-hour trading volume has also spiked by 14.19%, whereas the market cap slumped by 3% in the last 24 hours. However, it is unclear at the moment whether the bear market has concluded, paving the way for a bullish stance.