Bitcoin is repeating the bull run that sent it to $20,000, chart data shows as a new report says $10,000 was an "Entry point" for investors.
In a tweet on Aug. 13, Cointelegraph analyst filbfilb highlighted clear similarities between the past few weeks for Bitcoin and its run to all-time highs in 2017.BTC price 20-week moving average hits key position.
The key metric, filbfilb said, is the interplay between BTC/USD spot price and its 20-week moving average.
At present, the relationship between the two is copying that from late 2016, laying the foundations for the bull run which delivered returns of over 3,000% within the year.
In comments, filbfilb added that 2020 was giving signs of being different to bullish phases that had come since, specifically the three-month run last year which topped out at $13,800.
Filbfilb had previously told Telegram trading channel subscribers that reaching $11,600 would fuel a return to $12,000, but that this level would "Unlikely" be cleared.
BTC/USD weekly chart with 20-week moving average highlighted.
OKEx: $10,000 "Deemed reasonable entry point".
"Moreover, the position buildup leading up to current levels, coupled with the current mildness of profit-taking, indicates that these prices were deemed reasonable entry points by participants. It also indicates that those in profit are willing to hold their coins for larger gains in the future."
As Cointelegraph reported, a consensus is already building around institutions digging in at current price levels, fuelled by buys from Grayscale and MicroStrategy which vastly outpaced newly mined BTC..
Bitcoin Echoing 2017 Bull Run as Report Says Buyers Entered at $10K
Publicado en Aug 13, 2020
by Cointele | Publicado en Coinage
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