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On May 14, Coindesk analyst Omkar Godbole highlighted a significant development in the Bitcoin market. The weekly MACD histogram for Bitcoin has crossed above the zero axis, indicating a strengthening bullish momentum. This bullish signal coincides with Bitcoin's rebound from the 50-week Simple Moving Average (SMA), a pattern that has historically preceded substantial price increases.
Godbole noted that over the past five years, the MACD has entered the positive zone five times. However, there was one false signal in March 2022, which led to a misjudgment of the market direction by the bulls. Despite this anomaly, the current trend suggests a potential for a major upsurge in Bitcoin's price, mirroring the trends observed in mid-2024 and early 2023.
The analyst's observations are based on historical data and technical indicators, which have shown a strong correlation with Bitcoin's price movements. The MACD crossing above the zero axis is a bullish signal that has been reliable in the past, with only one instance of a false signal. This suggests that the current market conditions may be favorable for a significant price increase in Bitcoin.
According to the analyst's forecast, the emergence of this bullish signal, coupled with Bitcoin's rebound from the 50-week SMA, indicates a strengthening bullish momentum. This pattern has been observed in the past and has been followed by significant price increases. Therefore, investors and traders may be looking at this as a potential opportunity for a major upsurge in Bitcoin's price.

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