Following Bitcoin registering two declines of 7% and 3% respectively, its weekly chart is close to showing a bullish signal.

This signal was last seen before Bitcoin’s 288% increase from the mid-$3,000s to $14,000 within a few months.

According to trader, CryptoParadyme, with the Bitcoin price’s latest close on Sunday, the weekly trend-following Moving Average Convergence Divergence (MACD) indicator is close to registering a bullish crossover, reports NewsBTC.

This is particularly relevant as this technical signal was last seen in February last year, months ahead of the huge price explosion that brought Bitcoin from $3,000 to $14,000.

Many crypto analysts are of the opinion that Bitcoin, the world’s largest cryptocurrency by market cap, is on track to reach $11,500.

There is a series of factors to suggest this may be the case. First, Bitcoin broke above a descending channel recently that has inhibited price action for over six months, signalling positive news for bulls.

Second, Bitcoin hitting the $11,500 point would be in line with an historical chart pattern.

Third, the weekly Moving Average Convergence Divergence is beginning to again trend higher, which was an indication seen in 2015/16 as Bitcoin moved from a bear to a bull market.

According to cryptocurrency analyst Thies, TradingView’s Total2 trading pair “last week alone showed the highest buying volume for the altcoin markets ever recorded.”

There has been no doubt of the increase in buying pressure within cryptocurrency markets over the past week, which saw the explosion in the price of Ethereum Classic, Bitcoin Satoshi’s Vision and many more.

Thies went on to add that this is “significant in market dynamics and suggests a true bottom established. Take note.”