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Analysts Predict Bitcoin Price is Ready for a Big Rally

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August 28, 2019 | 

725 Views | 

Darryn Pollock | 

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Over the past few weeks, and even months, there has been a lot of movement in the price of Bitcoin, but it has not been going anywhere significant. The price has moved from just below $10,000 to touching $13,000, but has only just ebbed and flowed in that bracket. 

This has led to many analysts looking for signs of what is to come, and those signs seem to suggest the next big move by Bitcoin will likely be a positive one, and a rather big one too. By examining three market indicators; Crypto Fear & Greed Index, the Bitcoin Golden Ratio Multiplier and Bollinger Bands, analysts suspect Bitcoin will soon boom.

A familiar feeling

It is not only those indicators that are pointing in the right direction, one trader - PlanB - Tweeted: 

“Bitcoin’s 3 month struggle to break the magical $10k feels like begin 2017 struggle to break $1k...we all know what comes next.”

A look at the history of Bitcoin;s price climb around the $1,000 mark does bear some similarities. Up until January 2, 2017, Bitcoin had traded below $1,000 for 1,124 days.

 Once above $1,000, the following $1,000 hurdles were lept over at an ever quickening pace. The number of days between $1,000 and $2,000 was reduced to 23. By the time Bitcoin price reached $5,000, the number of days it took to secure another $1,000 gain had dropped to 10. 

As of right now, Bitcoin has spent the past 2 weeks in a struggle to stay above $10,000 and traders like PlanB are beginning to wonder if $10K is the new $1K. 

Greed and Fear at a low

One indicator being applied to the price of Bitcoin is the Crypto Fear and Greed Index (CFGI). This index tries to get a sense of investor sentiment and plots if they are feeling greedy and optimistic - closer to 100 - of if there is fear and worry - closer to one. 

According to the creators, a low reading tends to represent buying opportunities and high readings could be a sign that a correction is in store. As of August 22, the indicator had dropped to 5, the lowest level measured since December 2018.

This probably means that traders are not ready to take a position as the fea is the $10,000 mark may fall away and that a low of $9,000 is on the cards.

Tighter boiling bands

Other indicators, such as daily Volume Profile Visible Range give an indication that sell volume is outpacing purchasing volume on the daily and 4-hour chart but overall volume is drawing down and the Bollinger bands are tightening. This usually happens before Bitcoin price makes a sharp move.

If these moves continue along the plotted path, the expectation is that Bitcoin could set daily higher high at $11,400 followed by an attempt at $11,790.

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