• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Bitcoin
Nexo

This On-Chain Indicator Looks As It Did Prior to Bitcoin’s 2017 Rally

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement
  • On a macro scale, Bitcoin has yet to break out.
  • Despite surging around 20% in the past 1.5 months, the coin remains under crucial long-term resistances.
  • One pivotal level analysts are looking towards is $14,000, as that’s where the 2019 rally topped and highs of December 2017 ended up at (monthly candle).
  • Analysts remain long-term bullish on Bitcoin despite the barriers to overcome.
  • One on-chain and quantitative analyst noted that a key on-chain indicator for BTC looks similar to how it did prior to 2017’s rally.
  • Should history repeat itself, BTC is on the verge of parabolic growth.

Bitcoin Looks As It Did Prior to 2017’s Rally, Crucial On-Chain Indicator Shows

Hans Hauge of Ikigai, a cryptocurrency fund, recently noted that Bitcoin’s long-term trend is still one of growth.

He posted the chart below on September 16th, which shows that BTC’s Reserve Risk is currently in a consolidation formation similar to the one that preceded the 2017 rally from under $1,000 to $20,000:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Image

Chart of BTC's macro price action with an on-chain analysis from Hans HODL.

Other on-chain trends also suggest that Bitcoin is on the verge of a longer-term growth trend.

Willy Woo, a noted on-chain and technical analyst, shared the chart below on September 14th. It shows that BTC has a “lot of room for growth in this cycle.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here. […] Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you’re a spot investor, given the longer range macro. There’s plenty of buy support below 10k, this is a buy the dip scenario.”

Image

Chart of BTC's macro price action with an RVT Ratio analysis from Willy Woo (@Woonomic on Twitter)

Don’t Count Out One Final Drop

Analysts aren’t counting out a situation where Bitcoin undergoes one final correction, though.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Willy Woo stated on BTC’s potential to fill the CME futures gap in the high-$9,000s:

“I’m still cautious of another short term dump to fill the gap but so far it’s looking like it’s been front run for liquidity which is strongly bullish if we break resistance here. There’s a lot of bids in the spot orderbooks wanting to snap up the gap in the mid-high 9000s.”

Others have shared a similar sentiment, noting how Bitcoin falling and bouncing off the low-$9,000s would actually mark a bullish retest as opposed to a bearish breakdown.

Photo by Sergio Camalich on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
This On-Chain Indicator Looks As It Did Prior to Bitcoin's 2017 Rally
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

3 months ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

6 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

6 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

7 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

8 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

1 year ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.