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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Should History Repeat, the Bitcoin Price Is About to Go Parabolic

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin has undergone a 25% rally over the past two weeks as buying pressure in the digital asset market has heated up. The leading cryptocurrency currently trades for $13,800, far above the $9,800 lows seen in September.

Analysts think that Bitcoin has room to extend to the upside in the months ahead. One crypto-asset chartist shared a chart on November 1st indicating that a pivotal macro technical indicator shows Bitcoin may soon go parabolic.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Could Soon Go Parabolic, Predicts Macro Indicator

While few noticed, Bitcoin’s rally off the September lows was a notable one.

As the chart below shows, the rally meant that BTC managed to hold a pivotal technical level, the 200-week Kijun Sen line of the Ichimoku Cloud.

The trader that shared the chart below noted that Bitcoin rallying off the Kijun Sen makes the recent price action look eerily similar to that seen prior to the exponential rally seen in 2017:

“BTC weekly: Price action looks similar to the last cycle around the 200 period Kijun Sen, just prior to the bull run. This time?”

Image

Chart of BTC's price action since the start of 2014 with analysis by crypto trader Nunya Bizniz (@Pladizow on Twitter).
Source: BTCUSD from TradingView.com

Bitcoin’s recent rally is also of technical importance because it has brought the cryptocurrency above a number of key technical resistance levels. The week before last, for instance, Bitcoin closed its weekly candle above the $12,000 resistance. $12,000 held as a resistance on a weekly level during 2019’s rally, along with the relief rally at the start of 2018.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

What’s Driving the Rally?

Driving this Bitcoin explosion higher is institutional investment and the inflation narrative playing out right now, according to Matt Hougan of Bitwise. He told the WSJ:

“You had all these rails for institutional capital to come in,” said Matthew Hougan, chief investment officer at BitWise Asset Management. “Then you had the sharp catalyst: the response to the pandemic and concerns about inflation.”

The leading cryptocurrency is set to break new all-time highs in 2020 according to leading analysts.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Should History Repeat, the Bitcoin Price Is About to Go Parabolic
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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.

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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