Bitcoin (BTC) traders and investors received some positive news today as a rare and massive buy signal flashed for the cryptocurrency, according to a tweet from Dan Tapiero, founder of DTAP Capital.
Tapiero took to Twitter to share the news, asking if anyone else could confirm the uber-bullish data.
His tweet was in reference to a post from Mohit Sorout, co-founder of Bitazu Capital, who noted that the "mother of all" bullish signals for Bitcoin had flashed.
According to Sorout, the DCA indicator, which measures the performance of Bitcoin when investing on a dollar-cost averaging basis, has only flashed three times in the history of the cryptocurrency.
Each time, the occurrence has led to massive rallies: a 7,400% increase in 2015, a 160% increase in 2019 and a 640% increase in 2020.
Sorout also mentioned that today marks the fourth time that the DCA indicator is suggesting a raging bull market for Bitcoin.
As reported by U.Today, Bitcoin recently managed to reclaim the much-coveted $25,000 level for the first time in eight months.
However, it is still unclear how far this rally will go since the flagship cryptocurrency still has a long way to go before reclaiming its previous all-time high of $69,000.
Vladislav Sopov
Dan Burgin