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Home / Business / 3 reasons Bitcoin will run against a new record high of $ 20,000

3 reasons Bitcoin will run against a new record high of $ 20,000



By CCN: The bitcoin price increased as much as 7.60 percent on Friday to establish a new 2019 peak of $ 5,796.93. The uptrend pushed bitcoin's annual rally to an impressive 54.08 percent. At the same time, it led to the total recovery of the objects to an astonishing 82 percent and set the crypto curve on the way to a new record high.

Here are three factors that indicate that the bitcoin price has not only found bottom, but is also well on its way to crushing the $ 20,000 peak set in late 2017.

Cause 1: Moving Averages Mimic Historical Pattern from 2015

Yesterday, Factor Trading told author Peter Brandt that the bitcoin prize could hit $ 1

9,800 in the future.

He supported his prediction using a weekly moving average indicator, and noticed that it was now below the exploration price.

The last time such a move took place was in November 2015 and went ahead of bitcoins triumphantly in March from $ 340 in 2015 to $ 19,800 in 2017.

Robert Sluymer, a technical strategist at Wall Street strategy firm Fundstrat, also believes that bitcoin pounding into a beef market.

The finance expert said the asset could initially go through a withdrawal toward the 200-week moving average after the last pressure against $ 6,000.

But after that, it could enter a mammoth accumulation phase that, as supported by the Fundstrat co-founder Thomas Lee, was able to push the price against $ 20,000. | SOURCE: TRADINGVIEW.COM, COINBASE

The last jump also closed the bitcoin price above the 50-week moving average, as shown by the blue curve in the chart above.

The 50-WMA historically signaled a strong bullish bias when the price was trending over it. Bitcoin crashed during 50-WMA in May 2018 during a wilderness position, after which the price was as low as $ 3,100.

With bitcoin now over 50 weeks of MA, the likelihood of driving is clear. [19659003] Reason 2: Relative strength Index Rages Bullish

BITCOIN WEEKLY RSI IN BULL ZONE | SOURCE: TRADINGVIEW.COM, COINBASE

Recently, the bitcoins weekly Relative Strength Indicator has jumped over 53.65, its highest level since October 2015.

The level, as indicated by a red horizontal line in the diagram above, worked as far as a yardstick for measuring a bull or a bear trend.

As it skipped 53.65, the buying feeling in the bitcoin market was improved. And when the RSI went under this mark, as it did in January 2018, it triggered sales pressure.

Cause 3: Bitcoin price formed a "Gold Cross"

  BITCOIN, BITCOIN PRICE, BTC USD

BITCOIN FORMED GOLDEN CROSS, AND A UPSIDE RALLY ENSUED | SOURCE: TRADINGVIEW.COM, COINBASE

A gold cross is achieved when an asset's short-term moving average skips the long-term moving average.

The Bitcoin price experienced one of these formations back in October 2015 when it was trading close to $ 300. Later, assets were reviewed one of their longest bullish periods, eventually leading to nearly $ 20,000. A golden cross again formed in April 2019, which signals a potentially long-term upward scenario.

All three of these factors support the argument that the bitcoin price will test the mark of $ 20,000, perhaps even faster than many bulls expect. For now, bitcoin is trading at $ 5,700.


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