Cryptocurrency

Bull-Run in front of the door: Bitcoin now shows all of the 5 important features you need for an epic, ongoing BTC rally

The Bitcoin price has risen in the past one and a half months to 45 percent. Historically, such a broad rally justifies a withdrawal. However, BTC now has all the five elements for an extended upward move.

Key elements: reduced temporal Absorption of sales, higher temporal structure of the bull market

In the past 43 days, the Bitcoin has shown price over a relatively long period with a strong rally. Since mid-December 2019, Bitcoin was able to maintain its momentum, especially because every major upturn was associated with a small retreat.
Small declines have made the rally more stable and sustainable, so that the dominant could build the end of crypto-currency at 8,800 and 9,200 dollars strong resistance.
In a lower time frame large Bitcoin to be absorbed-sale orders quickly and Dips quickly purchased. The rapid recovery of any small retreat indicates that the General mood on the crypto-market is still bullish.
On the Monthly chart, it is expected that the Bitcoin price will print a clean morning star-Formation. It usually indicates a trend reversal upwards.
The positive lower time frame and higher time-frame combined with the Open Interest on BitMEX, the has achieved 1 billion dollars, will likely in the short term, significant volatility.
Historically, Bitcoin tends to the great retreat, when the Open Interest reached $ 1 billion. Background: Open Interest refers to the total amount of all the Longs and Shorts on the market.
However, the rising Open Interest could be to bitcoin’s favor, as it could crowd the market after weeks of uncertainty in a certain direction.

Basic Elements: Halving, Hash Rate, Growth

Regarding the fundamentals, Bitcoin is only three months from the halving of the block reward. To take this point in time, the Google Search for the halving, and the anticipation of the event approaches its climax.
Regardless of whether the halving in the current BTC Trend is priced in already or not: The Halving is still the most important event that has a real impact on the supply of Bitcoin.
Since BTC is a store of value, whose principal place of scarcity and fungibility of promise, and will have to halve, regardless of the public expectation of a major influence.
In front of the held every four years, halving of the block reward, the Hash Rate is increasing. The increase in Hash-Rate is at record highs suggests that the focus on one thing: that the Miner expected that the half-effect passivation in the medium term, a positive effect on the Bitcoin price.
According to Blockchain.com the number of unique addresses in the Bitcoin Blockchain network has increased since the beginning of 2018 easily. At that time, the Bitcoin price was around $ 15,000.
Analysts such as Tushar Jain of Multicoin Capital are of the Belief that Bitcoin meets all the elements of a full-blown rally, and in a new phase of growth could occur.

With the Loading of the Tweets, you accept the privacy policy of Twitter.
More content, download Twitter Tweets to learn more and unlock

Bitcoin, currently at # 1 on the market capitalisation, has risen in the last 24 hours by 0.20%. BTC has a market capitalization of 169,68 billion USD in a 24-hours-a volume of 28,20 billion USD

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

Do NOT follow this link or you will be banned from the site!