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- Bitcoin has risen from $9,300 yesterday to over $9,600 now, sending bullish signals.
- According to some analysts, Bitcoin could be facing a massive rally, just as it was in 2016, 10 weeks after the halving.
Bitcoin has been caught in a tight sideways trend between $8,900 and $9,300 in recent weeks, but has been able to overcome important resistance in the last few days. In the last 24 hours, the Bitcoin price showed a plus of 0.71% and has risen to a price of $9,556.71.
If history repeats, the Bitcoin price could now start a new rally, similar to the one in 2016, when Bitcoin exploded by over 3,000 percent in 525 days after halving. The well-known trader Josh Rager describes that a similar price increase could be imminent at the moment and that Bitcoin has gone through an accumulation phase in the last few weeks. The halving is 10 weeks behind, just like in 2016.
https://twitter.com/Josh_Rager/status/1286332901697757184
“Teddy” is also optimistic. According to him, however, Bitcoin must overcome the strong resistance along the $9,700 mark on the daily chart. If Bitcoin can establish this resistance as a new support, the $10,000 mark will be within reach. However, he cautions his followers against too much euphoria, as the current price movements may lead to a correction for the time being.
https://twitter.com/TeddyCleps/status/1286395611504414721
There are also some technical indicators that point to a renewed upward movement. “Big Chonis Trading” reports that Bitcoin has breached the $9,500 level, breaking through the upper Bollinger Band. This indicates a short term bullish trend, but this has yet to be confirmed by the bulls.
$BTC – pumping over $9500 and bringing the majors with it a bit … EMA bull crossing with MA50 support , closing above upper BB on a tight spread… can the bulls Keep it going … #bitcoin
Quick video update … pic.twitter.com/rCOajBM3hR
— BIG Chonis (@BigChonis) July 23, 2020
The experienced analyst “CRYPTO₿IRB” already predicted a massive upward movement for Bitcoin 3 days ago. In his opinion, Bitcoin will reach a new all-time high in December of this year, which is significantly higher than the all-time high of just under $20,000 and will thus initiate a new wave of adaptation. Due to the rapidly rising share price, more companies will recognize the potential of Bitcoin and integrate it into their processes as a means of payment.
According to “Byzantine General”, the current price movement is positive, but Bitcoin is still in a major sideways trend. Only when Bitcoin can permanently break through the $10,500 mark will a bull run follow, which will “leave behind all investors who have not yet entered the market”, according to the analyst.
https://twitter.com/ByzGeneral/status/1286422780607692801
On the Altcoin market, Ethereum recorded the largest increase of 4.61 % among the top 20 cryptocurrencies, rising to $272.48. XRP also shows a short-term upward trend of 1.93 % and is currently trading at a price of $ 0.20.
Binance CEO: Bitcoin will rise to $1,000,000
In an interview with Altcoin Daily, Binance CEO Changpeng Zhao discussed the current price developments of Bitcoin. In his opinion, BTC has the potential to rise to $1 million if adaptation continues to increase. At the same time, he warned that Bitcoin may dominate the market for some time, but that Bitcoin may be replaced by another cryptocurrency or financial system at some point:
Nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceiveable that something new will replace Bitcoin, and something better than Bitcoin.
