Bitcoin macro indicator that predicted 2022 bottom flashes 'buy signal'
A Bitcoin indicator, the Macro Chain Index (MCI), has flashed a buy signal, suggesting a potential new bull phase for the cryptocurrency. The MCI, which combines long-term on-chain and macroeconomic metrics, indicates Bitcoin may be undervalued. The Relative Strength Index (RSI) of the MCI recently crossed above its 52-week moving average, historically a precursor to bull runs. This crossover has previously signaled significant price increases in 2015, 2019, and late 2022. Bitcoin's price has rebounded to around $95,650 after dipping from a record high of nearly $110,000. Open interest in Bitcoin futures has risen by $2.2 billion, indicating increased trader confidence and new long positions. Positive funding rates further support expectations of rising prices, with projections suggesting Bitcoin could approach $100,000 soon.
