Analysis | This technical indicator implies that Bitcoin will rise to $ 26,000 when halved

According to the re-emergence of important technical indicators that once triggered a 170% increase in Bitcoin, Bitcoin price will reach $ 26,000 in the next two months.

As Cointelegraph Markets analyst Keith Wareing pointed out on February 18, this week Bitcoin has a Golden Cross, a cross formed by a 50-day moving average crossing a 200-day moving average, which is technically very important The indicator represents the contradiction between the original long-term downward trend (200-day moving average) and the newly formed medium-long-term trend (50-day moving average), and has a new long-term direction. It is from a long-term downward (down) trend to a long-term upward (up) trend.

"Golden fork" is very rare for cryptocurrencies. Wareing stated on Twitter that "the last time this indicator appeared, Bitcoin had risen by 170% in 60 days." Wareing added that the level at the time of publication was about At $ 9,800, Bitcoin gained support on the technical side of the rising triangle.

Cointelegraph market analyst Michaëlvan de Poppe also expressed the same view. He said it was necessary for us to rebound in the green zone of $ 9,450-9,500. Until we hit a high of $ 10,400 or a low of $ 9,500, we can still see a relatively calm trend.

In addition, a huge gap was left between the two Bitcoin futures trading sessions last weekend. Historically, Bitcoin has subsequently “filled” these gaps, which could mean a return to $ 10,500 this week.

Cointelegraph previously reported that Fundstrat's Tom Lee believes that Bitcoin may reach $ 27,000 by August due to breaking resistance from the 200-day moving average. Venture capitalist Mike Novogratz also said that BTC / USD could retest its historical high of $ 20,000 before the overall reward in May was halved.

Translated from: cointelegraph