Cryptocurrency analyst Thies recently drew attention to a clear sign that the bottom in the cryptocurrency market is finally here. He noted that according to TradingView’s Total2 trading pair (all digital assets sans Bitcoin), “last week alone showed the highest buying volume for the altcoin markets ever recorded.”
While some say that this data masks reality in part, there is no doubt there has been a lot of buying pressure in the cryptocurrency markets as of the past week, hence the absolute explosion in the price of Ethereum Classic, Bitcoin Satoshi’s Vision, and many, many others.
Bitcoin Preparing to Burst Higher
So, is the cryptocurrency market ready to head higher after seemingly finding a bottom? Well, it already has, with the price of digital assets surging by dozens of percent since mid-December.
And fortunately for bulls, the indicators suggest more upside is on its way.
The Lucid SAR indicator, which “signals a stop and an entry in the opposite direction,” just printed a bullish signal; the indicator printed its first buy signal since March 2019, which was prior to a 330% rally that brought BTC above $10,000 and crypto assets dozens of percent higher.
And, Glassnode data shows that Bitcoin’s network hash rate has just reached a 1-year high of 125 exahashes.