Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again

Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest. As the week begins, a group of measurements — some surprisingly accurate historically — are combining to make traders firmly bullish on BTC.

Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days. The interval is significant — the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoin’s rapid rise to highs of $13,800.

Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier. A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.

Used to identify the cryptocurrency’s price cycles, the tool allows traders to tell from a miner’s perspective when the value of newly-mined Bitcoins is historically too high or too low.  Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000. At present, the indicator suggests Bitcoin is significantly closer to the “too low” area than its lifetime highs.