For the last couple of days Bitcoin flashes bullish signals. Is it too late to buy Bitcoin?

Analists Explains It’s Not Too Late To Buy Bitcoin

Bitcoin (BTC) has surged past the 45k mark for the first time since mid-January, currently trading above 46k. This uptick has infused the market with optimism, with some traders eyeing a potential push towards the 50k milestone.

In a recent livestream, Dan McDermitt, Founder and CEO of The Chart Guys, joined Scott Melker to discuss the implications of this rally. McDermitt expressed bullish sentiment, highlighting a period of sideways movement on the daily chart spanning approximately two weeks. He noted that this tight range, the narrowest observed in months, signaled an imminent breakout, whether bullish or bearish, accompanied by increased volume and volatility.

Despite the possibility of a lesser follow-through on a bullish breakout compared to previous instances, McDermitt stressed the importance of seizing opportunities during such moments. He emphasized the significance of investing during tight range-breaking bull scenarios, particularly given the recent retracement to the “golden pocket,” a level conducive to sustaining the rally.

Even if Bitcoin fails to immediately surpass recent highs, McDermitt suggested that the market is likely to establish a new weekly higher low compared to the recent low at $38,500, providing a favorable position for bullish investors.

Looking ahead, McDermitt underscored the importance of the next week to week and a half in determining the market’s trajectory. He highlighted the 12-day exponential moving average (EMA) as a crucial indicator, noting that as long as bulls maintain this level during tests, the market remains stable.

McDermitt also emphasized the significance of monitoring trading volume for assessing market probabilities. Attention was drawn to recent volume trends, particularly on Coinbase and in the context of exchange-traded fund (ETF) activities. While volume has seen recent increases, it has generally trended downwards over the past few weeks.

Not to be late on Bitcoin: Binance