Bitcoin Primed for Uncommon Bullish Trend; Shows Room for Growth Amid ETF Anticipation
Summary:
Bitcoin is on track to emulate an unusual bullish trend not evident for eight years. The pair BTC/USD is indicating a key crossover of moving averages, suggesting significant forthcoming changes. Despite skepticism, Bitcoin continues to foster optimism among short and long-term traders with price indicators alluding to potential further growth. Notorious X trader, Il Capo of Crypto, predicts a future Bitcoin drop as low as $12,000 after the initial market pump.
Bitcoin is gearing up to mirror an uncommon positive trend on the chart, not seen for the last eight years. On January 9, an influential commentator, often referred to as Moustache, highlighted an impending crossing of BTC price moving averages on X (formerly Twitter). The crossing of moving averages suggests a significant imminent change after eight years. Bitcoin is inching closer to the $50,000 mark as the crypto market keeps reviving. The splash stirred by the inaugural spot Bitcoin exchange-traded fund (ETF) in the U.S. is responsible for the current price fluctuations, although reaching a new all-time high is still a considerable distance away.
Meanwhile, there's good reason to suppose the current changes in the BTC/USD pair are notable. Based on Moustache's observations on the three-week timeframe, there's an effort for the 21-period exponential moving average (EMA) to surpass the 50-period simple moving average (SMA). The crossover, indicative of strong short-term price performance, is notably infrequent—the last one took place in 2016. Following this, the three-week chart made significant strides, ultimately leading to BTC's previous all-time high of $20,000 in December 2017. He also highlighted the presence of a 'buy signal' in the master indicator, urging followers to take note of these uncommon indicators.
Cointelegraph continues to showcase how Bitcoin is raising hopes for traders with a short or long-term vision. Although BTC/USD is already near its highest levels since April 2022, various price indicators, including the daily Relative Strength Index (RSI) and Bollinger Bands, infer that there is still room for more growth. Nevertheless, skeptics continue to point towards declining BTC price predictions, mainly hinged on the anticipation surrounding the ETF losing steam after the approval decision set for January 10.
Among these skeptics is a notorious trader on X, Il Capo of Crypto, who insists that Bitcoin could eventually plummet as low as $12,000. Going by his message to Telegram subscribers on January 7, the market should pump first, followed by an important local top, after which he plans to begin opening swing short positions in search of new lows. He even shared a chart indicating that the price may first drop to somewhere near the $30,000 mark in an unconventional retracement.
Please note this piece is not offering financial advice or endorsing any investments. Every investment involves risk and therefore it is indispensable that investors carry out their due diligence.
Published At
1/9/2024 3:15:43 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.