Bitcoin Looks As It Did Prior to 2017’s Rally, Crucial On-Chain Indicator Shows
Hans Hauge of Ikigai, a cryptocurrency fund, recently noted that Bitcoin’s long-term trend is still one of growth.
He posted the chart below on September 16th, which shows that BTC’s Reserve Risk is currently in a consolidation formation similar to the one that preceded the 2017 rally from under $1,000 to $20,000:
Chart of BTC's macro price action with an on-chain analysis from Hans HODL.
Other on-chain trends also suggest that Bitcoin is on the verge of a longer-term growth trend.
Willy Woo, a noted on-chain and technical analyst, shared the chart below on September 14th. It shows that BTC has a “lot of room for growth in this cycle.”
Chart of BTC's macro price action with an RVT Ratio analysis from Willy Woo (@Woonomic on Twitter)
Don’t Count Out One Final Drop
Analysts aren’t counting out a situation where Bitcoin undergoes one final correction, though.
Willy Woo stated on BTC’s potential to fill the CME futures gap in the high-$9,000s:
Others have shared a similar sentiment, noting how Bitcoin falling and bouncing off the low-$9,000s would actually mark a bullish retest as opposed to a bearish breakdown.
Photo by Sergio Camalich on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This On-Chain Indicator Looks As It Did Prior to Bitcoin's 2017 Rally
Originally from Bitcoinist.com https://ift.tt/2ZL4MqH
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