Bitcoin (BTC) has experienced a 25% rally in the past two weeks as buying pressure in the cryptocurrency market increased.
The leading cryptocurrency is currently trading at $ 13,500-13,800, well above the $ 9,800 low seen in September. Analysts think there is a good chance that Bitcoin will move up in the coming months. A famous analyst suggests that an important macro technical indicator shows that Bitcoin could soon become parabolic.
We Are Nunya: Bitcoin may soon become parabolic!
Although few people noticed, Bitcoin’s rise from September’s lows was noteworthy. The recent rally means that BTC’s Ichimoku Cloud has achieved a very important technical level, as shown in the graph below. According to the famous analyst Nunya Bizniz, who shares the chart below, Bitcoin’s rise from this metric makes the last price action similar to the rally seen in 2017. That’s why Nunya Bizniz emphasizes that Bitcoin may soon become parabolic. Nunya Bizniz adds the following to her statements on the subject:
WEEKLY BTC ANALYSIS: THE PRICE MOVEMENT IS LIKE THE LAST CYCLE IMMEDIATELY BEFORE THE BULL RUN IN 2017. IS IT TIME TO BE PARABOLIC?
Bitcoin’s recent rally is also of technical importance, as it pushed the leading cryptocurrency above a number of key technical resistance levels. For example; last week, Bitcoin closed its weekly candle above the $ 12,000 resistance. With the relief rally in early 2018, the weekly $ 12,000 was held as resistance at the rally in 2019.
Matt Hougan: Bitcoin and altcoins are experiencing great maturation
In his new interview, Matt Hougan of Bitwise Asset Management points out that there has been a great maturity with hedge funds and financial advisors showing serious interest in the crypto markets. Also, Bitwise CIO emphasizes that mainstream analysts are now explicitly predicting a big bullish for Bitcoin, Matt Hougan said on the subject:
YOU ONLY SEE A MASSIVE MATURITY IN THE CRYPTO MARKET. CORPORATE AND PROFESSIONAL INVESTORS CAN NOW ACCEPT ALLOCATION OF FUNDS. AND THIS TRENDS IS IMPROVEMENTS IN STORAGE SOLUTIONS, IMPROVEMENTS IN COMMERCE, GREAT IMPROVEMENTS IN THE REGULATION AND THEN DEVELOPING SOME CONCEPTS AS WE SEE IN THE DEFI MARKET. THEREFORE, BITCOIN AND ALTCOIN A PERFECT MARKET FOR INVESTMENTS! YOU HAVE A FEW LARGE CATALYSTS FOR THAT AND I HOPE WE ARE IN THE FIRST STAGE OF THIS EVENT. I think it will be a snowball from here. JUST A FEW MONTHS AGO, BLOOMBERG’S SENIOR COMMODITY STRATEGIST STARTED AND SAYED THAT BITCOIN CAN PROCESS UP TO $ 100,000. AND NOW JP MORGAN SAYS THAT BTC CAN BE EASILY 2X OR 3X, EVEN 10X IF GENERATION Y KILLS THE GOLD OUT. THESE ARE THE PRICE TARGETS THE PEOPLE MAY HAVE ANNOUNCED IN 2017 AND RECOGNIZED BY TRADITIONAL WALL STREET INVESTORS. NOW WALL STREET ACCEPTS THE POTENTIAL SIZE OF THIS MARKET…