Bitcoin Rally – Is it BTC Buying Time? The price of Bitcoin has been in falling steadily after a surge that saw the crypto asset price jumped from $7,300 to $10,500 in less than 48 hours. That was in historical rally happened only three times in Bitcoin’s short history.
Some attributed the historic surge Chinese president, Xi Jinping, announcing his government is in the process of embracing the technology that powers Bitcoin; the blockchain.
Bitcoin rally & bull run on the horizon
Conversely, many crypto traders and analysts blamed the surge on whales manipulating the market. The recent string of red, downtrend and institutional Bitcoin purchases, however, indicate a bull run is on the horizon.
Both CME Futures & Bitcoin Trust signal BTC strong buy
A recent sell-off resulted in sell-off in the first and most popular crypto asset third-largest single-day price hike in history. The big rally was not sufficient to sustains Bitcoin’s bullish momentum, however, current supports suggest a strong Bitcoin rally is around the corner.
Related Article: What is Bitcoin Halving, When Is It, Why It’s Important?
TD Sequential Indicator, developed by Thomas DeMark, hedge fund manager, signals Bitcoin strong buy by both Grayscale Bitcoin Trust (GBTC) and CME Futures. The 12-hour Bitcoin price charts also indicates a strong BTC buy signal.
After carefully analyzing the GBTC chart, it’s evident that when buy is triggered by TD9, BTC’s price increased from $8,000 to $8,180. This occurrence suggests a strong Bitcoin rally is near.
What are you thoughts? Do you share the sentiment that a Bitcoin rally is on the horizon? Please write your opinion on the comment box below.
Raised in the U.S., Anton has a B.A. in economic history and has been in the cryptocurrency industry since 2017.