In recent weeks, numerous crypto analysts have debated whether Bitcoin is actually on the cusp of a bull market.

Following a robust rally in March, April and May, the world’s largest cryptocurrency by market cap sustained a strong rejection at $10,500 at the beginning of last month.

Indeed, the digital currency’s ability to surpass $10,500 has been viewed as a strong blow to the Bitcoin bull case, reports News BTC, particularly as the level has macro importance.

However, a once-in-a-cycle indication has just come to light, which is positive for Bitcoin buyers.

A renowned Bitcoin trader pointed out how the 27-period moving average on the three-week chart is moving up, which is something that only occurs once each cycle. 

As an example, it last trended higher back in 2016 before Bitcoin rallied more than 2,000% from below $1,000 to $20,000.

The trade also made reference to two other technical analysis factors backing the bullish view.

First, that Bitcoin has tested a key diagonal trendline after breaking over it, formed during last year’s highs of $14,000.

Second, the three-week Moving Average Convergence Divergence (MACD) has moved into bull territory for the first time since April/May 2019. Before that, the signal was last seen in 2015, ahead of the rally from $300 to $20,000.

Furthermore, Bitcoin’s hash rate has continued to surge upwards, despite the block reward halving.

This follows a raft of investments by crypto mining firms, particularly in the United States. This is considered bullish as investments in mining are only profitable long-term.