Bitcoin has seen a strong rally over the past few days after weeks of consolidation. The leading cryptocurrency has gained around $1,000 from last week’s lows near $10,400.
This rally has allowed the technical case for further upside to continue to build. One crypto-asset analyst recently noted that Bitcoin is about to form a pivotal buying signal that was last seen in late July, in the midst of the strong uptrend that took the asset as high as $12,500. Should history repeat, Bitcoin should continue to ascend in the days and weeks ahead.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Ichimoku Cloud Shows Reasons to Be Bullish
Josh Olszewicz, a crypto-asset analyst, recently shared the chart below. It shows that the cryptocurrency’s one-day Ichimoku Cloud is about to see a TK Cross, when the line in blue crosses above the line in red. The Ichimoku Cloud is a popular technical indicator that shows