Sirwin
Sirwin

There were only four such bullish signals in the history of BTC: recently, analysts recorded the fifth ...

By World Crypto | World Crypto | 9 Jun 2020


The confluence of technical and fundamental factors indicates that Bitcoin is on the verge of another parabolic rally, despite the current uncertainty and relative weakness in overcoming the level of $ 10,000

9d09419a6d2186d7479a2cb23198d4aedfa4d31ba5a783ab6ce948463d15aac4.jpeg

Strong bullish signal on the BTC chart

As crypto analyst Nunya Bizniz noted, in May, the exact same signal appeared on the BTC chart, which marked the beginning of all previous bull rallies, namely “three consecutive higher monthly closing [trading]”.

He published a chart on which he noted the relevant signals before the start of all BTC market cycles over the past decade:

  • The signal was recorded in 2011, when the asset was trading below $ 1.
  • Then, trades closed three times in a row at a higher level during 2012, before the $ 1000 mark was first tested.
  • In mid-2015, a similar signal was received before the cryptocurrency went up from $ 200-$ 300 to $ 20,000.
  • The same macro indicator appeared in early 2019, marking the beginning of an explosive rally of up to $ 14,000.

f1ee2952d1f435fac22606a218b62d91ba340881fb802bd64d81ce0285c82d76.jpeg

Thus, the three higher monthly closing times seem to mark the end of the bearish trend. Other signals confirm this.

The well-known trader Crypto Birb shared the indicator of the impulse indicator, which he developed together with other analysts. According to him, on the BTC chart, the monthly impulse indicator crossed the zero line, providing a strong bullish signal. The price of the asset, in turn, overcame the downtrend line:

8f248ed308269c0c30111aa7cb5a70116fa8694e49740651494296dc5a9b7fe5.jpeg

The last time such an event occurred in January 2019, which was preceded by a 300 percent price rally. And before that, such a signal was received in February 2015, when cryptocurrency reached the bottom at around $ 200, and then rose to $ 20,000 in the next two and a half years.

Macro factors favor BTC price increase

According to many crypto investors and analysts, fundamental factors support the technical strength of the asset.

The Demeester tour said in a May interview with Messari that Bitcoin is unlikely to drop below $ 6,000 in its history. He believes that in the coming years, the leading cryptocurrency will reach the range of $ 50,000-$ 100,000. Morgan Creek co-founder Jason Williams commented on a colleague’s opinion:

Despite the fact that retail sales have not yet strengthened, he believes that institutions that manage family capital and billionaires have already become active. The next cycle may push the course towards $ 50,000-$ 100,000.

Blockstream CEO Adam Beck supports this optimism. In an interview with Bloomberg, he said that in the next five years, the price of BTC will reach $ 300,000 in the face of the active release of new fiat money.

 

How do you rate this article?

11



World Crypto
World Crypto

Analytics, regulation, latest news and not only in the world of cryptocurrencies!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.