NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

This Odd Factor Suggests Bitcoin’s Bull Case is Rapidly Building After 20% Drop

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin bottoming

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.

After Bitcoin started to tank earlier this week, analysts have been wondering at which point the cryptocurrency will bottom. While traders across the board are divided about the exact answer to this pressing question, there is a rapidly-building case that BTC will soon start to trend higher once again after the nearly 20% drop it has experienced this far.

Litecoin Prints Signs of Bottom, Boding Well for Bitcoin

Prominent cryptocurrency trader Big Cheds recently identified that Litecoin is seemingly “working on a potential triple bottom,” marked by consolidation around a central price point and divergences with the four-hour on-balance volume and relative strength index indicators.

This confluence should see Litecoin start to break higher in the coming days as the divergence plays out.

$LTC #Litecoin 4 hour – working on a potential triple bottom, with both OBV and RSI bull divergence pic.twitter.com/w0lOHExzfm

— Cheds (Trading Quotes) (@BigCheds) February 29, 2020

So why is this relevant for Bitcoin?

Well, LTC has long acted as a pseudo-bellwether for the rest of the cryptocurrency market.

The most memorable case of this was in the first half of 2019, which is when LTC started rallying dozens of percent higher week over week while Bitcoin flatlined around $4,000. For around two months, the asset rallied on its own, then was followed by BTC and the rest of this nascent asset class.

Also, just earlier this month, Litecoin started rallying before Bitcoin did, as shown in the chart below and the subsequent price action.

What if Litecoin is leading Bitcoin again, like it did last week? pic.twitter.com/mLoBj7VOax

— Loma (@LomahCrypto) February 5, 2020

So, Litecoin’s ability to precede the rest of the market is important because it suggests that should LTC start bottom and rally from here, so too should Bitcoin.

Related Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again

Other Bullish Signs

Josh Olszewicz of Brave New Coin has suggested over the past few months that surges in the VIX, the CBOE’s volatility index for the S&P 500, have correlated with Bitcoin bottoms.

NewsBTC’s further analysis on the subject seemingly found this correlation to be true; we found that when the three times when the VIX passed 30 over the past five years, BTC was in close proximity to a bottom.

For instance, the time the VIX passed 30 in August 2015 was when Bitcoin bottomed at $220 prior to skyrocketing to $20,000 — a gain of nearly 10,000% — in the coming 26 months. And the time after that was in February 2018, just when BTC bottomed at $6,500 after crashing from $20,000.

This week, the VIX crossed 30 once again as the S&P 500 started to crash, falling by 10% within a week’s trading. Should history repeat itself, Bitcoin is very close to a bottom.

.@CarpeNoctom suggested spikes in the VIX correlate (spurious?) with Bitcoin bottoms. He's not kidding.

Times the VIX passed 30 in the past 5 years:

Dec 23, 2018: a week after BTC fell to $3,150
Feb 3, 2018: when BTC bottomed at $6,500
Aug 22, 2015: when BTC bottomed at ~$220 pic.twitter.com/vS7E60rNJp

— Nick Chong (@n1ckchong) February 27, 2020

That’s not all. Per previous reports from NewsBTC, Sawcruhteez — the trader who called Bitcoin’s price action for most of January — suggested that BTC has over the past few days printed a price pattern similar to that seen in December, meaning that there’s a likelihood Bitcoin is bottoming and may soon explode higher past $9,000.

Featured Image from Shutterstock
Tweet123Share196ShareSend
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.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Ethereum

Ethereum Breaks Critical $2,800 Level — Can Bulls Hold For Major Rally?

Popular market analyst with X username Daan Crypto has provided an important insight into the Ethereum market, stating the altcoin...

Semilore Faleti 6 hours ago
Solana

Solana (SOL) Set For Price Run To $2,700 — But This Condition Must Hold

Solana (SOL) has registered a 0.58% loss in the past day, representing a slight price retracement from its strong weekly...

Semilore Faleti 9 hours ago
Bitcoin

Who Flipped The Switch? Bitcoin STHs Accumulate While LTHs Take Profit

Over the last month, Bitcoin ranged within the $100,000 — $110,000 price region until its recent breakout to reach a...

Opeyemi Sule 10 hours ago
Load More

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.

Related News

Bitcoin

Bitcoin Stalls After Rally: Will It Blast Through $125,000 Or Slip Back To $110K?

Scott Matherson 1 hour ago
Bitcoin

Kiyosaki Awaits The Next Bitcoin Sale: ‘My Fellow Pigs And I Are Feasting’

Christian Encila 3 hours ago
bitcoin bull run

Έρχεται νέο ράλι τιμής Bitcoin ;

Ανθή Ντόνκοβα 5 hours ago

Premium Sponsors

Press Releases

  • アルトコイン急騰の今買うべき仮想通貨プレセール

    ...

    4 hours ago
  • 仮想通貨おすすめ|強気市場で爆発的成長が見込まれる注目のミームトークン

    ...

    5 hours ago
  • BTC最高値更新の中で注目される新たなレイヤー2プロジェクトが狙う仮想通貨1000倍の可能性

    ...

    5 hours ago
  • ビットコインが11万8,000ドルの最高値を記録する中で注目すべき仮想通貨プレセール

    ...

    1 day ago
  • 仮想通貨 おすすめ|急騰するDogwifhatとFartcoin、注目の低価格ミームコインとは?

    仮想通貨...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. 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.