Bitcoin Price
Last Time This Signal Appeared, Bitcoin Surged 2,000%. It Just Appeared Again
Nick Chong | Nov 04, 2020 | 10:00
- Bitcoin has seen an immense rally over the past few weeks, rallying as high as $14,100.
- Bitcoin remains up 25% in the past two weeks.
- Analysts think that BTC is poised to rocket even higher in the weeks ahead despite a failure to establish $14,000 as support.
- The cryptocurrency’s 200-day moving average recently set a new all-time high after doing so in May or June of 2018.
- This bullish signal was last seen in 2016, prior to a rally of 2,000%.
Bitcoin Could Soon See Exponential Rally, Key Data Shows
Bitcoin has seen an immense rally over the past few weeks. Since bottoming at $9,800 in September, the leading cryptocurrency has thrust higher to $13,900 as of this article’s writing. The cryptocurrency has faced a large amount of volatility due to volatility in the price of the U.S. dollar due to the election.
Bitcoin remains up 25% in the past two weeks, which makes it one of the best-performing assets over that time frame.
Analysts think that BTC is poised to rocket even higher in the weeks ahead despite a failure to establish $14,000 as support. One crypto-asset analyst shared the chart below just recently, noting that the cryptocurrency has formed an extremely bullish signal.
The cryptocurrency’s 200-day moving average recently set a new all-time high after doing so in May or June of 2018. This was last seen prior to a number of exponential rallies, like that of 2013 onward and 2016 onward. Bitcoin rallied 2,400% from this signal to the last all-time high.
“BTC daily: Nail in the bear’s coffin? The 200 day MA has just made new ATH. Past 2 time this occurred there was no looking back.”
Chart of BTC's price action over the past few weeks with analysis by crypto trader Pladizow on Twitter. Source: BTCUSD from TradingView.com
Top Macro Investors Expect Exponential Rally
This sentiment is surprisingly in line with what analysts think will take place.
Raoul Pal, CEO of Real Vision and a notable macro analyst, recently said that the leading cryptocurrency could surge to $100,000 and beyond this market cycle.
Pal commented that this is likely due to the institutional capital entering the Bitcoin space:
“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar, and there’s a lot of smart people working on it.”
The cryptocurrency could hit $1,000,000 in the coming decade, Pal says. This would give it a market capitalization above that of gold, which currently has a market capitalization of around $11 billion.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Last Time This Signal Appeared, Bitcoin Surged 2,000%. It Just Appeared Again
