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Bitcoin's Long-Term Bullish Technical Flag Activated, Santiment Reports

The latest Insights report by Santiment reveals that a long-term bullish technical flag has been activated for Bitcoin (BTC). As of the press time, the leading cryptocurrency's price has increased by 0.47% within the last 24 hours.


Positive Territory for BTC Holders After 14 Months

Santiment (@santimentfeed) shared on Twitter that long-term and short-term Bitcoin holders have experienced positive returns for the first time in 14 months. The tweet also mentioned their recent Insights report, which discusses the significance of this key technical event in predicting the next bull run.

MVRV Long/Short Divergence: A Key Indicator

The report emphasizes the importance of the MVRV Long/Short Divergence tool in helping investors make long-term decisions. Historically, this indicator has signaled the end of a bear cycle for Bitcoin when the Long/Short Divergence line crosses 0.

Indicator Cautions Against Immediate Bull Market

Though the Long/Short Divergence line has recently crossed 0, the report warns that this doesn't guarantee an immediate end to the bear market. Santiment advises investors and traders to be cautious as BTC's price may drop in the coming weeks due to the long-term nature of the MVRV Long/Short Divergence indicator.

Potential Trading Strategy for Bitcoin

Santiment's Insights suggest a possible trading strategy for BTC in the upcoming months, which entails waiting for the Long/Short Divergence line to cross 0, preparing for a market crash, and then entering a long position. With the line already crossed, traders and investors should brace for a potential drop in Bitcoin's price in the weeks ahead.

Bitcoin's Current Price and Weekly Performance

At the time of writing, Bitcoin is priced at $27,759.57 after a 0.47% increase over the last 24 hours, according to CoinMarketCap. This minor rise contributes to BTC's positive weekly performance, which stands at +13.25% as of press time.