Bitcoin Bottoming Out? Technical Indicator Reappears as Previous Bear Market Signal

Bitcoin (BTC) may be entering a long-term uptrend after reaching its July low, according to analysis. The technical indicator that previously signaled the end of bear markets has reappeared.

CoinTelegraph reported on August 18 that on-chain analyst Willi Woo identified a bullish crossover in Bitcoin's monthly 'Fisher Transform' indicator. The Fisher Transform is a technical analysis tool that processes price movements to identify trend direction and potential reversals.

Woo explained that this bullish signal has occurred three times in Bitcoin's history, each time coinciding with the bottom of bear markets, noting this as the fourth instance. As of 8 p.m. on August 18, Bitcoin was trading at $78,210, up 2.42% from the previous day according to CoinMarketCap.