It�s been a tough past few days for Bitcoin. The cryptocurrency has slipped approximately 10% from the $10,100 monthly highs to a recent low of $8,800, triggered by fears that Satoshi Nakamoto is dumping his BTC.
Bitcoin price chart from TradingView.com
While those rumors have since been disproven by blockchain analytics companies, BTC has yet to recover. Worse yet, when it topped at $10,100, it printed a high lower than Februaryâs $10,500 high, indicating that Bitcoin remains in a macro bear market despite the over 150% rally from Marchâs $3,700 lows.
Yet a key technical indicator, one prominent cryptocurrency analyst says, indicates that Bitcoin is still âhigh time frame bullish.â
Bitcoin Still âHigh Time Frame Bullishâ: Top Analyst
On-chain analyst Philip Swift recently identified that the Dynamic Range NVT Signal â dubbed a âprice to earnings ratio for Bitcoinâ â has started to push higher over recent weeks. Itâs a sign that Swift says is highly bullish for BTC in the long run.
âDynamic Range NVTS has been closing up above the lower green band. This is high time frame bullish. Previous NVT Signal lost its efficacy over time. This version with dynamic bands is much more useful as an oversold/overbought tool for strategic investing,â Swift wrote.
Chart from Philip Swift of Bitcoinâs macro price action alongside the Dynamic Range NVTS indicator.
Bitcoinâs fundamentals remain strong too.
Tuur Demeester â the founding partner of Adamant Capital, a Bitcoin alpha fund â recently suggested that due to the money printing by central banks and governments, he thinks BTC is on track to enter its next parabolic phase:
âI think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000,â the investor told
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