Bitcoin outlook: Has the trend reversed, and what do experts expect?

cnbctv18.com:

Cryptocurrencies had a rough start this year. The world’s oldest cryptocurrency Bitcoin plummeted to a six-month low of $33,000 after testing fresh all-time highs of $69,000 just a couple of months previously, in November 2021. Experts were even predicting a crypto winter--a prolonged period of subdued prices.

Fortunately, the tide seems to have turned for Bitcoin this week.The legacy coin managed to surge past and mostly hold above the $44,000 mark this week. Experts believe this could mean a reversal in trend for the crypto after the precipitous fall towards the end of January. The trend reversal could have been triggered by the bullish sentiment of crypto whales and other long-term investors.

Crypto whales are individuals or institutions that hold a significant amount of a particular cryptocurrency.Bitcoin's moving average convergence/divergence (MACD), a key frontrunner of bullish phases in 2021 and prior, printed a fresh key crossover this week, a Cointelegraph report pointed out. As Cointelegraph reported, MACD is an indicator created by short and long-term moving averages (MA). Last week, the crypto’s relative strength index (RSI) had also flashed green, breaking out of a downtrend in place since November's all-time highs.