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Chart Pattern That Predicted Bitcoin’s Ongoing Rally: More Upside to Come

Chart Pattern That Predicted Bitcoin’s Ongoing Rally: More Upside to Come


Chart Pattern That Predicted Bitcoin’s Ongoing Rally: More Upside to Come

1 key reason why Bitcoin is poised to move higher is that the hash rate of this network is placing new all-time highs. This, to many analysts, suggests an inherent bull trend.

Published at Mon, 28 Sep 2020 12:00:40 +0000

On-chain trends are in line with the bullish picture painted by this analysis.

While the analysis was not fully accurate in that it predicted Bitcoin would hit $14,000-15,000 in its second leg higher, it was accurate in forecasting the timing and overall directionality of the cryptocurrency.

1 such analyst shared the chart below. It indicated that the cryptocurrency was trading at a macro accumulation pattern popularized by Richard Wyckoff.
That same investigation now suggests that Bitcoin is primed to move higher following the correction and subsequent consolidation.
When Bitcoin appeared as low as $3,500 on March 13th, few expected the coin to bounce back as fast as it did. In fact, at the moment, there were many that claimed that the cryptocurrency was on its way to $1,000 and possibly lower.

  • In March, few expected Bitcoin to be at the place that it now is in.
  • The coin is up over 200% since the lows of March, demonstrating that the crypto market is far from dead.
  • Back at the lows, there were some that dreaded that cryptocurrencies would not be around for much longer.
  • Bitcoin’s ongoing rally was predicted by some analysts, however.
  • One such analyst predicted the cryptocurrency would retest $10,000 by May, just months after the crash.
  • The chart pattern he used to predict this price action suggests that Bitcoin has room to expand higher.
  • This opinion is in line with the outlook for BTC shared with another dealer who predicted the rapid retrieval in Bitcoin’s price.

Textbook Chart Pattern Predicts Bitcoin Has More Upside

This Wyckoff Accumulation analysis suggested that by May or June, the cryptocurrency would hit $10,000, then accurate. This happened. The analysis also predicted that Bitcoin would experience another leg higher after bottoming in July.
There were some, however, that were calling that Bitcoin would experience a rapid reversal.
According to Bitcoinist, there is a confluence of on-chain signs that indicate Bitcoin is primed to move higher on a macro time period. CryptoQuant, a crypto-asset analytics firm, recently shared 10 of these trends. They’re as follows:

  • Miners’ position index
  • Puell Multiple
  • Hash Ribbons
  • All Exchanges Outflow Mean
  • All Exchanges Reserve
  • Stablecoin Supply Ratio
  • All Exchanges Stablecoin Reserve
  • MVRV Ratio
  • Network Value to Metcalfe Ratio
  • Stock to Flow

Chart from TradingView.com

On-Chain Trends Print Similar Picture

Chart of BTC’s price action using a a Wyckoff Accumulation evaluation by crypto dealer Coiner-Yadox (Yodaskk on Twitter) from March 2020.


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