Bitcoin bullish cross on weekly chart paints $225K BTC value goal if historical past repeats

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Bitcoin (BTC) is wowing the market by holding $50,000, however a bullish metric is pointing to a lot bigger potential beneficial properties.

Information from TradingView now clearly reveals that the weekly transferring common convergence/ divergence (MACD) indicator for BTC/USD has flipped from crimson to inexperienced.

Time for an additional 5.5X BTC value surge?

There isn’t a scarcity of bullish BTC value indicators this month, with every part from change balances to community fundamentals infirmly optimistic mode.

MACD, which produced a uncommon crossover earlier in August, nonetheless provides the potential for upcoming beneficial properties to be an order of magnitude bigger than what the market has seen up to now.

As Cointelegraph reported, the metric is a dependable indicator used to find out the general trajectory of an asset, and Bitcoin has up to now been no exception. 

The final time {that a} bullish crossover occurred, BTC/USD noticed a 5.5X value improve — from $11,500 in October 2020 to all-time highs of $64,500 simply six months later.

Ought to historical past repeat itself, Bitcoin might find yourself at over $220,000 by the tip of the yr or in early 2022.

BTC/USD 1-week candle chart (Bitstamp) with MACD. Supply: TradingView

Pomp units sights on new Bitcoin “blow-off high”

It is a prediction that tops even the extra optimistic estimates for the remaining half of 2021, together with stock-to-flow creator PlanB’s “worst-case state of affairs” of $135,000 in December.

Associated: New information suggests Bitcoin might see BTC value ‘double bubble’ high in 2021

Nonetheless, well-known names are firmly in favor of upside persevering with — to the extent that they proceed to go on the file within the mainstream media.

“I am unable to reiterate it sufficient — I feel that we will see very, very quick value appreciation by the tip of this yr,” Morgan Creek Digital co-founder Anthony Pompliano advised CNBC Monday.

“In 2017, Bitcoin went from $10,000 to $20,000 in 18 days as a blow-off high — it will not shock me to see one thing loopy like that occur earlier than the tip of the yr.”

Bitcoin’s month-to-date returns presently stand at over 20%.