Since hitting $6,800 over a week ago, Bitcoin (BTC) has exploded higher, registering massive gains against the U.S. dollar as bulls have made their presence known in this new year. At the recent rally’s peak, the price of the leading cryptocurrency was $8,450, up some 25% from the bottom.
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Despite this strong surge, a key indicator, the Tom DeMark Sequential (better known as the TD Sequential), recently printed a bearish signal. According to a Telegram alerts channel tracking the time-based indicator, which predicted Bitcoin’s bottom at $3,200 in 2018 and the top at $14,000, the BTC/USD chart just printed a “Sell Quasi 9” on the daily.
Although “Sell 9” candles are often lead to strong reversals, for they show that a trend has exhausted, analysts aren’t too concerned, for there is a flurry of other technical signals suggesting that bulls are decisively in control.
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Bitcoin Bulls Decisively In Control
There are a number of signals suggesting Bitcoin is poised to head higher, no matter what the TD Sequential suggests.
Per previous reports from NewsBTC, a trader going by Storm remarked that according to a key trend indicator on the four-hour BTC chart, bulls remain in control, adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900.
The indicator he mentioned is relevant as it flipped green in the middle of February and didn’t flip over to a bearish reading until September or so, giving those tracking it a chance to bag 300% profits on a Bitcoin trade.
Not to mention, the Lucid Stop and Reversal system recently printed a buy signal on the weekly candle for Bitcoin, which was a signal last seen in March of 2019, and has outperformed BTC by over 1,000% since August 2018, per trader Financial Survivalism.
Historical chart analysis agrees with the positive fundamentals. As noted by analyst Nunya Bizniz, in previous cycles the four months out from Bitcoin’s halvings have always been extremely bullish for the price of BTC.
This simple historical analysis, which is backed up by the fact that investors attempt to “front-run” the halving by buying Bitcoin beforehand, suggests that the crypto market may soon explode higher ahead of the halving, potentially entering into a parabolic uptrend.
Bitcoin is about 120 days away from the halving.
What was price action like 120 days prior to the first two halvings?
Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4
— Nunya Bizniz (@Pladizow) January 10, 2020
So even if there is understandably some bearish retracement from current prices levels, analysts are still bullish on Bitcoin from a more medium-term perspective.
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This year is expected to have among the wildest crypto rallies yet. Investors are optimistic that the crypto-friendly Congress will pass legislation that propels the market forward. Several industry watchers believe Bitcoin could surge to $200,000 before the year ends.
As the year ends, a renowned analyst suggested that Bitcoin (BTC) could have a New Year rebound after the flagship crypto surged by 4. 2% to retest a key level. Related Reading: Altcoins To Explode In Early 2025: Analyst Says “Grand Finale” Is Around The Corner Bitcoin Sees End-On-Year Slowdown Bitcoin has struggled to hold the mid-zone of its one-month price range as the crypto market experiences an end-of-year slowdown.
Bitcoin has reentered the spotlight as analysts forecast six-figure price targets. Veteran trader Peter Brandt predicts that Bitcoin could reach $125,000 by the end of the year.
Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years.
Bitcoin had the most volatile weekend in a year as Bitcoin slipped as low as $64,550 after reaching a new all-time high of $72. 760 on Thursday, March 14. As of press time, Bitcoin has recovered to trade around $68,300.
Bitcoin is currently experiencing a period of consolidation, with a keen eye on the $45,000 resistance level. Meanwhile, analysts at CryptoQuant project an optimistic future, predicting Bitcoin could soar to $50,000 by the end of the year.
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