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Since Bitcoin (BTC) traders got a taste of parabolic price action in early-2019, during which the Bitcoin price surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more and more and more.
The cryptocurrency’s ability to surge by hundreds of percent in a few months’ time – gains absolutely astronomical when compared to that of stocks, precious metals, and other traditional asset classes – was something many fell in love with.
Fortunately for these investors, a prominent analyst recently suggested that should this key indicator prove to be accurate yet again, the BTC price is on the verge of starting yet another parabolic rally.
While the jury is still out on where exactly the next bull run will take BTC, the consensus is a fresh all-time high of at least $50,000, proven by a crazy accurate price model made by an institutional quantitative analyst and shilled by a bonafide German bank.
According to prominent trader Bitcoin Jack, former head analyst at trading group Bravado, Bitcoin is showing signs that 2020 will “cement the foundation for the next parabolic run.”
As to why this is the case, the analyst looked to BTC’s one-week Ichimoku Cloud, which should show what long-term trends are forming and what key price points there are to watch out for.
The start of the two previous macro bull trends in 2012 and 2016 saw the indicator print a “thin red cloud,” which some would classically define as bearish but turned out to be extremely bullish for Bitcoin. In fact, in 2012, BTC immediately began to rally higher once the thin red cloud was reached, and Bitcoin rallied by nearly 100% in the five weeks after the thin red cloud was reached in 2016.
Top Cryptocurrency Analysts Say $100,000 Bitcoin Predictions Way Off Base – Here’s Where They Think BTC Will Land
Two leading Crypto analysts say they believe Bitcoin is in a new bull market cycle, but predictions that BTC is poised to soar to $100,000 are far too bullish.
In a recent episode of Trading Bitcoin, Tone Vays and the pseudonymous trader Filbfilb debate the current state of the crypto market and where it may head in the months to come.
Says Filbfilb,
“I think we’re going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point. I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.”
Vays says he’s looking for BTC to top out at a slightly lower price of around $45,000.
Although the traders say hype around Bitcoin’s halving is fueling price action in early 2020, they say rising trading volumes and an increasing number of outstanding derivative contracts are key metrics to watch in order to gauge real long-term interest in the space.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
I think we will be above 14K by July
— //Bitcoin 𝕵ack (@BTC_JackSparrow) February 21, 2020
The model appears to model the bubbles ánd bear markets fairly well. It confirms a certain inertia of price reaction, so a lag ánd overshoot. Model would predict: Price will catch up with S2F ratio a year after the halving. And overshoot by ~ 2x. (3/3) h/t Tom! pic.twitter.com/kWecmWgH5e
— GeertJancap (@Geertjancap) January 15, 2020
https://bitcoinexchangeguide.com/heres-how-bitcoin-could-see-a-4826-increase-in-value/
https://www.newsbtc.com/2020/02/21/crucial-indicator-bitcoin-parabolic-bull-run-50000-begins-2020/