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Bitcoin (BTC) is impressing the market by holding $ 50,000, but a bullish measure indicates much larger potential gains.
Data from TradingView now clearly shows that the weekly moving average (MACD) convergence / divergence indicator for BTC / USD has turned from red to green.
Is it time for another 5.5 times BTC price spike?
There is no shortage of bullish BTC price indicators this month, from currency balances to network fundamentals in reversing optimism.
MACD, which produced a rare cross earlier in August, nevertheless adds the potential for an order of magnitude greater gains to come than what the market has seen so far.
As Cointelegraph reported, the metric is a reliable indicator used to determine the overall trajectory of an asset, and Bitcoin has so far been no exception.
The last time a bullish cross occurred, BTC / USD saw its price rise 5.5 times, from $ 11,500 in October 2020 to all-time highs of $ 64,500 just six months later.
If history repeats itself, Bitcoin could end up over $ 220,000 by the end of the year or early 2022.
Pomp sets his sights on Bitcoin’s new “blowing top”
That’s a prediction that beats even the most optimistic estimates for the remaining half of 2021, including the “worst case scenario” of the PlanB flow stock creator of $ 135,000 in December.
Related: New Data Suggests Bitcoin May See BTC Price Rise To ‘Double Bubble’ Peak In 2021
Nonetheless, well-known names are strongly in favor of the continued rise – as they continue to be recorded in the mainstream media.
“I can’t repeat it enough – I think we’re going to see a very, very rapid price appreciation until the end of this year,” said Anthony Pompliano, co-founder of Morgan Creek Digital. Recount CNBC Monday.
“In 2017, Bitcoin went from $ 10,000 to $ 20,000 in 18 days as a blown high – it wouldn’t surprise me to see something crazy like this happen before the year is out.”
Bitcoin’s monthly returns are currently over 20%.
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