As the price consolidates around the $10,000, it now appears that BTC is getting ready for a surge to potential new all time highs, as strong momentum has bolstered Bitcoin on many fronts.
BTC has now conquered several key trendlines that were in its way, previously, and with a huge increase in spot volume it all points towards a big move up.
To add fuel to the fire, a rare indicator that flashed just before the parabolic run that saw BTC reach its ATH in December 2017, is flashing once again.
At the time of writing, Bitcoin is taking a steady breather at 3.15% down from yesterday, but all things look set for a quick reverse, as a test of the recent ceiling of $10k will be smashed again.
It’s a typical pattern that usually aggregates as buyers wait for more support.
Smashing the S10k barrier and now this slight correction are a significant moment for the short term price, as it emphasizes a rally may be more sustainable than others in previous months.
Another bullish signal is BitMEX’s trading volume declining, it signals a retail investor lead surge.
But the biggest indicator of a parabolic run is the same one that triggered the big run in late 2017, and again that saw the big run up in the summer of 2019.
An extremely elusive indicator that has only flashed twice in the past 4 years just blinked.
This led price analyst @galaxyBTC to tweet his bullish thoughts, saying it looked like BTC was about to “explode”. And as we can see from his chart, it’s only the third time in the last 4 years the signal has been triggered. As shown in the image below.
“The BTC chart looks like it is going to explode straight to $20,000,” tweeted the analyst.
And with the same indicator trigerring the run up last summer, he may have a point.
Although, not everyone is as bullish. @profits_bitcoin worries if it struggles to break $10k again we could be in for a bit of a drop.
As in the image he sees a downward trend if it fails at $10k, which is a ‘worrying sign before the halving.’ According to @profit_bitcoin.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.