Ever since Bitcoin investors got a taste of parabolic price action in early-2019, during which BTC surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more.
Fortunately for bulls, they soon might get more of this rapid upward movement in the cryptocurrency market, with there being this confluence of factors that could send Bitcoin above its $20,000 all-time high set in December of 2017.
Bitcoin Prints Confluence Of Extremely Bullish Signs
According to cryptocurrency content creator The Moon, Bitcoin’s hash rate “just hit” a new all-time high at over 123 exahashes per second — an astronomically large number of hashes being computed each second to process BTC transactions.
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 the block reward reduction event, which will result in a 50% decrease in the asset’s inflation.
The #Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH!
A whopping 123,011,832 TH/s!!!
The $BTC fundamentals are screaming for a huge bull run leading into the halving! ?
— The Moon (@TheMoonCarl) January 30, 2020
This comes shortly after Bitcoin’s difficulty — how hard it is for blocks to be mined — saw a strong surge, cementing the idea that miners are bullish heading into the halving, which should support strong price appreciation in the long run.
Also, per previous reports from this very outlet, a Google Trends analysis of the “Buy Bitcoin” search term suggests that BTC is on the verge of another parabolic surge.
Analyst CryptoKea noted that trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019. More specifically, the metric has hit a “10” on a long-term basis, with the metric’s maximum being 100.
Each time a “10” reading has been seen for this term, the cryptocurrency has found itself at a key inflection point.
1/ Googling for "Buy Bitcoin" just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:
Nov '13 (bull top),
May '17 (price on parabolic run-up),
Jun '19 (medium-term top)
>Feb '20 (price on parabolic run-up?) pic.twitter.com/tkdXIEvM3Q
— CryptoKea (@CryptoKea) January 20, 2020
For instance, when a “10” was seen in November 2013, it marked a long-term top to a BTC bull market that brought the cryptocurrency from irrelevancy to above $1,000. And in 2017, it marked the start of an exponential bull run that brought BTC from under $3,000 to $20,000.
The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high.
Technical Factors Suggest Large Surge On Horizon
The above aren’t the only factors suggesting Bitcoin will soon rally above $20,000.
Financial Survivalism — the crypto trader who called BTC’s surge into the $9,000s at the start of the month — wrote in a TradingView post published three weeks ago that he expects for the asset to hit $20,000 by July 1st.
Backing this cheery assertion, the analyst looked to a confluence of technical analysis factors:
- The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000.
- The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019.
- The one-day Ichimoku Cloud has formed a bullish TK cross.
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.”
— Thomas Lee (@fundstrat) January 29, 2020
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