Bitcoin Price
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
Nick Chong | Nov 10, 2020 | 23:59
- Bitcoin has started to rally massively over recent weeks.
- BTC currently trades at multi-year highs near $16,000 and is signaling that it wants to break even higher.
- According to a macro analysis by crypto-asset trader Josh Rager, BTC is on the verge of an exponential uptrend.
- Rager noted that every time “Bitcoin has closed above the previous monthly all-time high,” a 700-1,000 percent uptrend followed suit.
- Bitcoin will need to close November’s monthly candle above $14,000 to print this same signal.
Bitcoin Starting a Macro Rally, Analysis Shows
Bitcoin has started to rally massively over recent weeks, gaining 50% in the span of a month. Bitcoin currently trades at multi-year highs near $16,000 and is signaling that it wants to break even higher.
According to a macro analysis by crypto-asset trader Josh Rager, Bitcoin is on the verge of an exponential uptrend.
The trader shared the chart below, noting that every time “Bitcoin has closed above the previous monthly all-time high,” a 700-1,000 percent uptrend followed suit. Bitcoin will likely do this once again if November closes above $14,000.
What could follow is a surge toward $100,000, or potentially even higher:
“Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed. November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market”
Chart of BTC's price action since the start of it trading with analysis by crypto trader Josh Rager (@Josh_Rager on Twitter). Source: BTCUSD from TradingView.com
Not the Only One That Thinks So
He isn’t the only one that thinks that Bitcoin could hit $100,000 and beyond in the coming years.
The Winklevoss Twins, the co-founders of Gemini, recently stated that Bitcoin could hit $500,000 in the years ahead due to it having the potential to outpace gold:
“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or BTC will outrun the scourge. And money stored in BTC will run the fastest, overtaking gold… Nonetheless, we believe that BTC will continue to cannibalize gold and that this story will play out dramatically over the next decade. The rate of technological adoption is growing exponentially. Software is eating the world and gold is on the menu.”
Raoul Pal, CEO of Real Vision and a former hedge fund manager, also recently stated that Bitcoin could hit $1,000,000 in this market cycle.
He believes that institutional investment in the cryptocurrency will drive this rally. Pal recently stated that he has over 60% of his net worth in Bitcoin or Ethereum, citing his belief that the cryptocurrency market may be the best trade of his lifetime. He added that he would not be surprised to see his personal allocation to Bitcoin increase toward 80% or even higher in this market cycle.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
