Bitcoin has six reasons to grow

7 Cheap, Top Stocks this Week! [Ending Feb 19]

CONTENT

  • Investors can support cryptocurrency

  • Technical analysis speaks for growth

  • Bitcoin May Build History of Past Growth

International consortium of news organizations developing transparency standards.

On Tuesday, bitcoin (BTC) continued to move above the $ 11 thousand level. Against the background of the growth realized by the coin, the participants of the crypto community discussed the peculiarities of the current state of the cryptocurrency and presented 6 reasons why a digital asset, in their opinion, will continue to rise in price.

1 – Statistics indicate the prospect of further growth in the BTC rate

The Capriole Fund manager Jan Uytenhout drew attention to one peculiarity of the BTC movement. In most cases, after the cryptocurrency rate has risen for 6 days, the coin often continues to rise in price next week. On average, in 7 days, according to his calculations, the price of bitcoin increases by another 8%.

The power of momentum.

74% of the times #Bitcoin went up 6 days in a row, it kept going up, with an average of 8 +% more in the week following.

Tonight, the 6th green daily candle closes … pic.twitter.com/j4ExddznVF

– Jan Uytenhout (@uytjan) October 12, 2020

2 – Analysis on the S2F model confirmed the exit of bitcoin in the phase of active growth

A popular analyst in the crypto community, the author of the S2F model for predicting the behavior of the PlanB cryptocurrency rate, noted the signals for BTC to continue to grow. This, the expert is sure, is evidenced by the indicators of the system for predicting the movements of the bitcoin rate he developed..

Recall that the S2F forecasting model takes into account the ratio of the number of already mined BTC to the volume of the cryptocurrency that will only be mined. The calculations include changes in the market against the background of halvings and the history of the behavior of the coin rate. The phases of Bitcoin movement on the S2F forecasting model are displayed in different colors. Red signals the exit of the cryptocurrency in growth. Each of the stages is indicated by a series of dots.

“Another red dot is higher than the previous ones. The coin is actively growing “, – wrote PlanB in his microblog.

Current red dot higher than all other red dots .. when the bull began his run (sound on!) Pic.twitter.com/579Mv1jreG

– PlanB (@ 100trillionUSD) October 12, 2020

3 – Bitcoin will be supported by private investors

Unfolded analysts drew attention to the decrease in the number of bitcoin kits (investors with at least 1,000 BTC in their accounts). During such periods, according to the observations of experts, the interest in cryptocurrencies from retail investors is increasing. Such changes, the Unfolded team noted, often lead to the beginning of a “move to the top of the market.”.

Historically, the start of a decline in the number of $ BTC whales has often signified increased interest from retail investors and the beginning of a run up to a market top

via @glassnode pic.twitter.com/FU0W085SoE

– unfolded. (@cryptounfolded) October 13, 2020

4 – Technical analysis of bitcoin chart indicates growth prospects

A popular trader in the crypto community, blogging under the nickname The Wolf Of All Streets, drew attention to the positive signals that can be traced on the cryptocurrency chart.

$ BTC

Close enough. pic.twitter.com/v3eXMzNbWy

Bitcoin has six reasons to grow

Bitcoin & The Sovereign Company with Christian Keroles & Robert Breedlove

– The Wolf Of All Streets (@scottmelker) October 12, 2020

5 – The history of bitcoin exits in a positive movement repeats

Popular trading analyst Lark Davis noted that the bitcoin rate broke the curve, which displays the average value of the coin’s value over the past 50 days. Historically, such a movement of the cryptocurrency, the expert noted, leads to its growth, on average, by 42%. This time, according to Lark Davis, history may repeat itself.

“$ 15,500 is Bitcoin’s target at the end of November,” he wrote on his microblog..

The last three times #bitcoin crossed the 50 day moving average it resulted in an average rally of 42%! History could be about to repeat! $ 15,500 late November target. pic.twitter.com/3hk24pZoKM

– Lark Davis (@TheCryptoLark) October 13, 2020

6 – The BTC rate will be able to go into a positive movement following the growth of buyers’ activity

Analyst Willie Wu drew attention to the ratio of bitcoin buyer activity to cryptocurrency capitalization indicators. The indicator dropped to the level that was last recorded in the spring of 2020 – during the collapse of the digital asset market. According to Willie Wu, the achievement of a local minimum by the indicator against the background of a positive trend indicates the possibility of the cryptocurrency rate going up. The interest of buyers who, according to the analyst, may come to the market in the near future will help bitcoin in this..

NVT Ratio, measures Bitcoin’s ratio of investor activity to capitalization. I first described it as Bitcoin’s equivalent of a PE Ratio.

Presently NVT is at undervaluation levels equivalent to the COVID19 white swan price bottom. Very bullish. pic.twitter.com/kvE1u7QABV

– Willy Woo (@woonomic) October 13, 2020

More forecasts of Bitcoin movement are in our material. You can find out the opinions of market participants about the prospects for cryptocurrency growth and discuss questions of interest in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Bitcoin has six reasons to grow
Bitcoin has six reasons to grow
Bitcoin has six reasons to grow

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