Analyst lists 21 factors that are causing the Bitcoin price to rise – but only 4 signals down

There is reason to be confident that BTC’s uptrend will continue at $ 49,000, Decentrader’s Filbfilb said.

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Bitcoin (BTC) traders may experience “extreme panic,” but one analyst argues that virtually all technical indicators are pointing up.

In a conversation with Cointelegraph on December 16, filbfilb, co-founder of the trading platform Decentrader, listed more than 20 signs that Bitcoin will follow an upward dynamic.

“There is enough” for Bitcoin Breakout

BTC / USD rallied on stocks late Wednesday thanks to political commentary from the US Federal Reserve.

The pair hit $ 49,300 and then began consolidating below the $ 49,000 mark, where it paused at press time.

Sentiment has yet to show confidence in the near-term future of BTC price movement, however, as the Crypto Fear & Greed Index is currently at 29/100 – something filbfilb believes has placed it wrong.

“Basically, I think there are enough reasons to believe that we can rally and I feel like there isn’t a single trade that doesn’t fit the analysis,” he concluded.

The attached list of bullish triggers is numbered 21 points and includes seller burnout, miner accumulation, and selection of on-chain metrics.

On the contrary, in the downtrend only 4 – 20 week moving average and 50 and 100 day moving average, bearish signals on the 3-day and weekly charts lost “terrible”.

Stoch RSI establishes a rare soil structure

His comments align with those of others in the room, with the popular TechDev Twitter account highlighting several other factors in support of an upcoming bull run.

Related: Bitcoin “Huge” Price Drop As Retailer Buying Most BTC Since March 2020 Crash

https://twitter.com/TechDev_52/status/1471261765489074176?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
One of them, the Stochastic Relative Strength Index (Stochastic RSI) has proven to be a bullish flag at local lows in Bitcoin’s history.

For Jeff Ross, Founder and Chief Executive Officer of Vailshire Money Management, the RSI is now a chart worth watching.

https://twitter.com/VailshireCap/status/1470849844612763649?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener