Analyst and Dow Theory specialist Manuel Bllye says a confirmed bullish signal has triggered on Bitcoin — validated by Ethereum simultaneously making higher highs alongside <a class="ticker-mention" href="/en-US/token/btc">BTC</a>, a condition Dow Theory requires for a genuine trend confirmation. Bllye, who correctly called the Dow Theory bearish signal above $100K that preceded Bitcoin's slide toward $60K, now says that signal has been reversed: probabilities have shifted in favor of the bulls.
Two ratio charts support the shift. The IBIT-to-GLD ratio (Bitcoin ETF versus gold ETF) is trending modestly upward even while still sitting below its 200-day moving average. The Bitcoin-to-MSTR ratio has broken a key horizontal resistance level, and the gap between the ratio and its 200-day moving average is narrowing — both signs of a market transitioning from risk-off to risk-on.
Bllye and the host are careful to frame the signal correctly:…
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