John Olszewitz, a crypto analyst at Brave New Coin, says that a Bitcoin buy opportunity is about to be upon us. According to Olszewitz, a once a quarter buy signal is about to go off. He discusses the “once a quarter once a year buy signal” for BTC in a video that he shared in a tweet.
Indicator Leans on the Bullish Side
He indicated that the digital asset was about to cross the Ichimoku cloud for the first time in five weeks which meant the price could be significantly higher than $7,167 soon. The Ichimoku cloud is a visual way for analysts to predict the direction of the market. Analysts can be able to tell whether the market is primed for a bearish or bullish price in the short term. Analysts are checking the trends by observing momentum, identifying trend direction, defining support and resistance levels and predicting whether price might turn bullish or bearish. The method has been successful in the past when it comes to analyzing bullish and bearish trends. Last year, a signal that moved above the red cloud set the stage for 250% BTC rally from $4,000 to $14,000.
Buy Signal to Show in the Coming Weeks
BTC price is currently hovering around the $7,000 mark with three weeks remaining to its halving reward. Olszewitz did not say precisely when the buying opportunity will present itself, but he said that the cloud was flashing a buy signal and we should expect bullish movements over the next few weeks. He also emphasized that such buy opportunities don’t happen very often while admitting that he makes money in crypto by just buying and holding.