After a tough bear market in 2022, Bitcoin, which made a strong start to 2023, reached $31,000.
While investors expect further bullishness in BTC, analysts from research firm Fairlead Strategies shared their thoughts on the long-term outlook in Bitcoin.
Speaking to Coindesk, Fairlead analysts said that for the bull in BTC to be confirmed, Bitcoin must exceed $ 31,900.
“We remain long-term neutral on Bitcoin, but a break above the 'buy' signal of the weekly and monthly MACD indicator will set a bullish reversal.
At this point, for the bull in Bitcoin to be confirmed, BTC must pass the $31,900 resistance and this move must be confirmed by momentum indicators such as the MACD histogram.
If these two events occur, the long-term outlook for Bitcoin will be confirmed.”
According to Fairlead analysts, the positive rise seen in the MACD on the weekly chart provides an opportunity for BTC to break the $31,900 resistance.
BTC continues to trade at $ 30,600 at the time of writing.
*Not investment advice.