Bitcoin Could Soon Resume Uptrend: Market Cycle Analysis
A crucial market cycle analysis suggests that Bitcoin is poised to grow at a rapid clip in the coming three months.
One chartist focused on this form of analysis shared the chart below on October 9th. The chart shows BTC’s price action since the start of 2017, with an overlay of the previous market cycle (2012-2015) on top of that price action.
While not perfectly identical due to exogenous effects (pandemic, PlusToken, etc.), the charts have started to line up with scary accuracy over recent months.
This market cycle analysis suggests that Bitcoin is poised to move doubly higher in the coming two to three months, likely to the point where it will pass its summer highs of $12,500. Commenting on the veracity of this analysis, the trader who shared it said:
Chart of BTC's price action over the past few years with a market cycle analysis by crypto trader Polar Hunt (@Polar_hunt on Twitter). Chart from TradingView.com
Fundamental Trends Agree
Fundamental trends agree with the positive sentiment put forth by the analysis above.
Mike McGlone, a senior commodities analyst at Bloomberg, recently stated that a Biden presidency could drive further growth in the price of the leading cryptocurrency:
Even if President Trump is reelected, analysts expect further stimulus to drive the U.S. dollar lower. As a result, Bitcoin should move higher as it may act as a hedge against the inflation or devaluation of the leading fiat currency.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Macro Market Cycle Analysis Suggests Bitcoin Will Soon Resume Uptrend
Originally from Bitcoinist.com https://ift.tt/2SImV4L
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