Bitcoin Could See an Exponential Rally, Research Boutique Indicates
Bitcoin has undergone a strong rally over the past few days. The coin has moved from the $11,200 lows of just seven days ago to a price of $13,100 as of this article’s writing.
Despite this strong move higher, this rally has not registered as not much more than a blip on the charts. Yet Nautilus Research, an independent research boutique that services institutional investors, thinks that Bitcoin’s chart is forming patterns and signals last seen prior to previous exponential bull runs.
As the chart shows, like in previous cycles, BTC has corrected over 80% from the cycle highs, then consolidated for over a year. Should history rhyme, the cryptocurrency will soon undergo an exponential rally that will bring it above its previous all-time high.
Chart of BTC's price action since 2010 with an analysis by an independent research botique for institutional investors, Nautilus Research
Not the Only One That Thinks So
He isn’t the only one that thinks that Bitcoin will soon see an exponential rally higher. Raoul Pal, CEO of Real Vision and a former Goldman Sachs head of hedge fund sales, recently commented that an exponential rally is likely due to the growing institutional influence:
Pal went as far as to say that the cryptocurrency could hit a price of $1,000,000 in this market cycle.
Speaking to his point, Stone Ridge Asset Management just disclosed that it owns 10,000 BTC. Adding to this, MicroStrategy and Square have added large amounts of the cryptocurrency to their balance sheets, only cementing Pal’s sentiment.
Others that expect Bitcoin to move greatly higher in the years ahead include Paul Tudor Jones, a billionaire hedge fund manager, and Dan Tapiero, co-founder of Gold Bullion International.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Research Boutique Suggests Bitcoin Is "Echoing" Previous Exponential Surges
Originally from Bitcoinist.com https://ift.tt/35q9Ra3
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