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.

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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

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