Bitcoin is forming patterns that preceded strong growth in the past

By World Crypto | World Crypto | 26 Oct 2020


Bitcoin (BTC) is showing patterns that previously emerged before the massive rallies, indicating a possible start to the next exponential bull run, according to Nautilus Research.

In a Twitter post, Nautilus Research suggested that Bitcoin is currently shaping a pattern that predates the 2012 and 2017 bull races.

Bitcoin echoes the patterns that preceded previous major breakouts.

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According to the chart, historically Bitcoin has corrected at least 80% from the highs of the bull rally, then consolidated for over a year, followed by the bull market. If the statistics are indicative in their own way, then soon Bitcoin could start a parabolic rally again, which could send the dominant cryptocurrency well above $ 100,000.

Popular market analyst Peter Brandt offers his own vision of BTC, highlighting the role of the growing institutional interest in the largest cryptocurrency.

October for Bitcoin (if the current growth continues until the end of October) could be the second-largest monthly close in history. Institutions are increasingly involved in buying bitcoin.

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In addition, experts from the Weiss Ratings rating agency say that Bitcoin remains the “clear leader” in the crypto space, as it climbed above the key level of $ 13,000, which is the maximum BTC for 2019.Like Brandt, Juan Villaverde of Weiss Ratings thinks that large companies were involved in the Bitcoin rally.

Investors have invested in Bitcoin this week, and this rally has spilled over to other crypto assets. We see that the biggest momentum comes from big cap companies.

Bitcoin is an indispensable asset for traditional investors looking to diversify their assets with cryptocurrency. This way, every time we see a rise in BTC, we can be sure that new money is entering this space. This is a prerequisite for any sustainable cryptocurrency growth.

As Bitcoin is showing signs of bullish sentiment, Alternative.me Fear and Greed Index, used to gauge crypto market sentiment, indicates "extreme greed." This, in turn, indicates overbought and that there may be a pullback on the horizon.

When investors get too greedy, it means the market needs a correction.

 

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