Bitcoin Poised For 'Major Bullish Signal' In Next 3 Days: Watch These 2 Indicators

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Analyst Kevin says Bitcoin hasn’t yet seen its parabolic move this cycle, with long-term indicators still below peak cycle thresholds.
A trader predicts Bitcoin is only three days away from confirming a major bullish signal.
Don't buy another stock without knowing these 5 vital signs→

Bitcoin BTC/USD briefly touched $116,000 on Friday morning, fueling debate among traders over whether a parabolic rally is around the corner.

What Happened: Analyst Kevin highlighted two long-term cycle indicators worth watching:

Short-Term Bubble Risk: this measures Bitcoin's distance from its bull market support band on the weekly chart. Unlike previous cycles, BTC has not entered the red "bubble risk" zone yet, suggesting it hasn't experienced the parabolic acceleration that typically marks cycle tops.
200-Week SMA vs. Previous all-time high: in past cycles, Bitcoin tops occurred when the 200-week simple moving average crossed above the previous all-time high. This hasn't happened yet in the current cycle, implying there's more room to run.

Kevin argues Bitcoin has moved more methodically this time, without hitting the conditions that historically preceded cycle peaks.

Also Read: Bitcoin Taps $116,000 As Ethereum, XRP, Dogecoin Rally On ETF Buzz

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What's Next: Crypto trader Jelle pointed to the stochastic RSI, which he says is only three days away from locking in a major bullish signal.

In another post, Jelle noted Bitcoin has reclaimed the 50-day EMA, with the indicator now sloping upward, a setup he believes confirms the start of a new uptrend.