Bitcoin Price Eyes Chart Pattern That Kicked Off Bull Market in 2015

View Bitcoin's 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover - a sign of bull market momentum.

A long-term bitcoin price indicator is about to turn bullish for the first time in nearly four years.

The 50-candle moving average on the three-day chart is trending north and could soon cross above the 100-candle, confirming a bullish crossover - the first since October 2015.

A bullish crossover, as the same suggests, is a strong indicator of bull market momentum, according to technical analysis theory.

The upcoming bullish crossover warrants attention due to the fact that bitcoin broke into a 2.3-year long uptrend with the bullish crossover of the same averages in 2015.

Notably, the 50- and 100-candle MAs had produced a bullish crossover on Oct. 16 - twelve days before BTC broke into a bull market.

The 50-candle MA could soon find acceptance above the 100-candle MA, confirming a bullish crossover.

Further, the cryptocurrency was up just 67 percent from the bear market low and the RSI was reporting bullish conditions with an above 50-print when the crossover happened on Oct. 16, 2015.

Put simply, BTC had room to rally on confirmation of the bullish crossover.

BTC found acceptance above $8,100 in the U.S. trading hours yesterday, confirming twin bullish cues - a falling channel breakout and a sideways channel breakout on the 4-hour chart.