Over the past week, Bitcoin has gathered around itself a lot of conflicting forecasts from crypto analysts and traders. Although Bitcoin still has not made a break above the level of $10,500, today there are signs of an approaching uptrend. We have identified the top 5 factors that signal that the bulls are around the corner.
The first factor is a repeating pattern
Bitcoin’s current market behavior is largely repeating the 2017 model when in January the flagship price fell 40% to $1,180. But in a short time, Bitcoin was able to not only restore its previous price positions but also gain momentum and make a breakthrough.
Bitcoin’s record decline was also recorded in March 2020. Within 2 months, we witnessed how the flagship cryptocurrency was rehabilitated. Later, at the end of April, the price of Bitcoin outgrew the pre-crisis performance of “Black Thursday”. If Bitcoin follows the path of 2017, the Rally awaits us. But the question remains open – has Bitcoin reached the bottom or is the price reduction still ahead?
The second factor is fibonacci channel
Technical indicators indicate the market power of Bitcoin. In particular, the upcoming trend of the crypto asset as evidenced by the current Fibonacci levels. After the price breakthrough of Bitcoin above $ 10,000 on June 11, the Fibo channel ascending lines were formed.
The upper level of the channel today is concentrated at $9,600, while the closest lower support level is located at $9,168. This technical area is favorable for Bitcoin and can signal an approaching wave of bullish impulses.
The third factor is Whales accumulating Bitcoin
According to Binance on Tensorcharts, the number of orders for selling Bitcoin at $9,450 increased, while short positions for buying stopped the advantage at $8,800.
Long positions are likely under the control of whales who want to play for the long term. Also, this situation signals the accumulation of a crypto asset, which, as a rule, is one of the incentives for further price growth.
The fourth factor is the super cycle start
At the end of May, we witnessed how altcoins became active due to the sluggishness of Bitcoin. In particular, Ethereum grew by 40% and fixed at just below 250, while the ZIL coin grew by 300%. This process may indicate the beginning of a super cycle, when after the activation of altcoins, participants in the crypto-elite market again invest in Bitcoin.
The fifth factor is the increase of Bitcoins popularity online
Recently, in the information field, the number of references to Bitcoin, an uptrend and the growth of the importance of digital assets in the context of the global crisis of 2020 has significantly increased. Indirectly, this affects the consciousness of people and stimulates them to enter the crypto community and acquire Bitcoin. As a rule, an increase in demand for a crypto asset is accompanied by the activation of bulls.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.