Kaleo, a popular crypto analyst and trader, has recently pinpointed the classical indicator that could trigger the entrance of Bitcoin (BTC), the largest cryptocurrency by market cap, into a new bull market.
In a new strategy session, the prominent trader said historically, every Bitcoin bull market started with price crossing above the 200-day simple moving average (SMA).
Kaleo further added that watching for a break of the 200-day SMA will be one of the key signals to wait for before flipping bullish on the flagship crypto.
Kaleo suggests a scenario in which Bitcoin consolidates and hits a slightly new bear market low over the coming months before seeing a spike by June 2023.
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