Odaily Planet Daily Newsđ According to TradingView data, Bitcoin's moving average convergence divergence (MACD) histogram turned positive on the weekly chart for the first time since April! This means that Bitcoin's momentum is rising again and is expected to break through the long-term pattern of hovering in the $50,000 to $70,000 area.
The positive technical outlook is consistent with industry consensus, the Federal Reserve may cut interest rates again, the increased possibility of cryptocurrency supporter Trump winning the US election on November 5, and the weakness of the risk-resistant yen may push Bitcoin to at least $100,000 by the end of Decemberđ°.
A similar MACD bull cross in October last year pushed Bitcoin above the $30,000 resistance level and reached an all-time high of $73,000 in March this year. The bull cross at the end of 2022 marks the bottom of the bear marketđ.
