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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Here’s Why Bitcoin Could Soon See “Big Upside,” Even as Price Stalls in Mid-$9,000s

Nick Chong
Nick Chong
1 year ago
2 mins read

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Over the past few days, Bitcoin has found itself stalling in the low-$9,000s, seemingly trying to establish a level of support at around $9,200-$9,300. Right now, it seems to be working, with BTC rallying after the price heads into that range.

This consolidation, analysts suggest, is likely a precursor to even more gains in the coming weeks, which will force Bitcoin above $10,000 for the first time in months.

Key Bitcoin Buy Signal Flashes

On Sunday, prominent analyst Filb Filb — the trader who in October 2019 called Bitcoin’s surge to $10,000 and subsequent decline to the $6,000s — posted the below chart to his Telegram channel for crypto analysis.

He wrote that these charts paint a “pretty bullish outlook” because the “volume indicators are good,” not to mention the “moving averages are trending up.” He added that his monthly chart coupled with his proprietary indicator is printing a buy signal, “which in the past has meant a big upside move.”

He wrote in a previous analysis that he expects for the cryptocurrency to be trading well above $10,000 around the time of the halving:

“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”

As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.

Not Only Extremely Bullish Sign

While the aforementioned signal from Filb Filb’s indicator has yet to confirm, there is a confluence of other analyses that suggest Bitcoin is poised to see a strong rally into the coming months.

Fundstrat Global Advisors, a New York-based markets research firm, recently noted that Bitcoin’s latest surge higher has allowed it to cross above the 200-day moving average. Firm co-founder Tom Lee wrote that whenever the price of Bitcoin is about the 200-day moving average, the six-month forward win rate for the cryptocurrency “jumps to 80%,” “essentially [meaning BTC is] ‘re-entering’ a bull market.”

Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin

– whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) January 29, 2020

On the fundamental side of things, cryptocurrency content creator The Moon just noted that Bitcoin’s hash rate “just hit” a new all-time high at over 123 exahashes per second.This, he claims, is a clear sign that BTC is “screaming for a huge bull run leading into the halving,” referencing the sentiment that Bitcoin will surge into and after the block reward reduction event, which will result in a 50% decrease in the asset’s inflation.

Related Reading: Crypto Exec Explains Why Altcoins May Take Years to Get Off the Ground
Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

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

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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