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The Bitcoin monthly MACD (moving average convergence divergence) has crossed the zero line, signaling a potential entry into a bullish phase, according to recent <a href="https://twitter.com/davthewave/status/1719554119328035152" rel="noopener noreferrer nofollow">analysis</a> by prominent cryptocurrency trader Dave the Wave.&nbsp; <img data-entity-uuid="08959180-19a9-4b68-90b2-c568f0c7a813" data-entity-type="file" src="https://u.today/sites/default/files/inline-images/F90VTnrbYAAvNPJ.jpeg" alt="https://twitter.com/davthewave/status/1719554119328035152/photo/1">
This movement has grabbed the attention of investors, enthusiasts, and analysts as the world's premier cryptocurrency, Bitcoin, stands at the cusp of a potential price rally.
<h2 id="a-reliable-indicator-of-price-moves">A reliable indicator of price moves?&nbsp;</h2>
The <a href="https://u.today/bitcoin-btc-just-recorded-major-bullish-signal" rel="noopener noreferrer nofollow">MACD</a> is a trend-following momentum indicator that showcases the relationship between two moving averages of an asset's price, typically the 12-day and 26-day exponential moving averages.&nbsp;
When the MACD moves above the zero line, it is generally interpreted as a bullish sign, suggesting that the asset's price might see an upward trajectory in the near future.&nbsp;
The recent chart depicts that Bitcoin's MACD has now shifted above this crucial threshold.&nbsp;
Such a move has historically preceded price rallies and is viewed as a positive sign by many technical analysts.
<h2 id="recent-bullish-predictions">Recent bullish predictions&nbsp;</h2>
Recently, global asset management firm Bernstein <a href="https://u.today/bitcoin-to-150000-bernstein-says-yes" rel="noopener noreferrer nofollow">expressed confidence</a> in Bitcoin's potential price performance, projecting a surge to $150,000 by mid-2025.&nbsp;
Given Bitcoin's current trading price of $34,400, this would require an impressive 336% rise from its current position. The projection is grounded in the historical relationship between Bitcoin's price and its price-to-marginal cost. Past data suggests that Bitcoin's price seldom falls beneath its marginal cost, implying this metric could serve as a supportive "floor" for the cryptocurrency's value.
In other optimistic forecasts, crypto services provider Matrixport <a href="https://u.today/bitcoin-btc-to-hit-45000-by-end-of-2023-matrixport-expert" rel="noopener noreferrer nofollow">posited</a> that Bitcoin could ascend to a range of $42,000 to $56,000 if BlackRock's ETF gets the green light. This prediction hinges on potential capital inflows nearing $24 billion.&nbsp;
Furthermore, banking giant Standard Chartered <a href="https://www.reuters.com/technology/standard-chartered-bumps-up-bitcoin-forecast-120000-2023-07-10/" rel="noopener noreferrer nofollow">revised</a> its end-2024 forecast for Bitcoin to $120,000, up from its earlier prediction of $100,000, highlighting increasing confidence in the crypto market's resilience and potential.

Bitcoin Finally Enters Bullish Phase Based on This Indicator

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