This simple observation suggests that Bitcoin is about to become parabolic.
Since Bitcoin (BTC) began to decline last July, falling as low as $ 6,400 in mid-December, analysts have been wondering when the bulls are going to intervene and increase cryptocurrencies once again.
According to a simple observation of the historical cycles of the Bitcoin market, the next parabolic recovery could begin soon. Coming Soon.
Bitcoin is halved (Halving) to increase prices before the event, historical data suggest
Cryptocurrency analyst Nunya Bizniz recently made a disturbingly bullish observation about Bitcoin
He noted that in the previous two market cycles of the BTC market, the cryptocurrency performed extremely well from 120 days (four months) of the respective block reward reductions of the cycles, known as “halves” or “halves” halvings ”or“ halvenings ”.
In the four months prior to the first halving in 2012, the price of BTC rose a high percentage of $ 10 to around $ 14 for the time of the event; and in the four months prior to the second half (halving) in 2016, the price of Bitcoin was effectively parabolic, going from $ 432 to $ 700.
This simple historical analysis, backed by the fact that investors try to “halve” halving by buying Bitcoin beforehand, suggests that the crypto market will soon explode higher before halving, potentially entering in a parabolic uptrend.
Technicians allegedly corroborate the historical trend of Bitcoin recovery ahead of the block reward reduction
According to previous reports by the same media, Financial Survivalism, a pseudonym analyst who last week rated the increase of Bitcoin at $ 8,000 when the asset was trading at $ 6,000, recently said he believes BTC can be traded at $ 20,000 for the July 1, 2020, only one or two months after halving.
While this may sound high, it went on to rationalize the prediction, drawing attention to a series of technical signals that imply that bulls are about to exert a great deal of control over the market:
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 daily average directional index has seen the first bullish crossing since March 2019.
The one week relative strength index for Bitcoin is “preparing for the 50th test,” a level that if broken can imply a dramatic rise.
The one-day Ichimoku Cloud has formed a bullish TK cross.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.