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Bitcoin Poised for a Parabolic Push to $20,000 as Elusive Buy Signal Emerges

Bitcoin 2020/05/09 01:00 by Cole Petersen
As Bitcoin begins consolidating around the $10,000 region, it now appears that the cryptocurrency is in the process of gearing up to make another massive push higher, potentially moving to set fresh yearly highs. This strong momentum has bolstered the benchmark cryptocurrency on multiple fronts. From a technical perspective, BTC has now surmounted several key trendlines that were previously hampering its price action. The crypto has also seen a massive climb in spot volume, with it now peaking over a level that signals a big movement is imminent. An elusive indicator that flashed just prior to the massive parabolic bull run seen in late-2017 is also flashing – a sign that buyers are about to fuel a massive movement. Bitcoin Pushes Past $10,000 as Underlying Strength Grows  At the time of writing, Bitcoin is trading up just over 3% at its current price of $9,970. This marks a notable climb from recent lows of $9,000 that were set a couple of days ago just prior to the cryptocurrency’s massive push towards $10,000 seen yesterday morning. It now appears that the crypto is entering a short-term consolidation phase that comes as buyers attempt to garner greater support. The lack of a rejection at Bitcoin’s recent highs is certainly a positive sign for buyers, as it elucidates that this rally may be far more sustainable than those seen in prior months. One possible factor that is playing in bulls’ favor is that declining open interest on trading platforms like BitMEX signals that retail investors have been the ones driving this movement. Bitcoin is now flashing signs that it is about to start another leg up. A popular trader spoke about these signs in a recent tweet, explaining that trading volume is peaking above a key trendline and that BTC just successfully flipped a previous resistance level to support. “Price starting to break out, volume is just starting to peak above the trendline. Successfully retested old resistance, now confirmed support. Send it,” he said while pointing to the chart seen below. Image Courtesy of Josh McGruff Extremely Bullish Technical Indicator Flashes  In tandem with these positive technical developments, an elusive indicator that has only flashed two times in the past 4+ years just blinked. This indicator surfaced in the months prior to the massive parabolic uptrend seen in late-2017, and again just prior to the rally seen by BTC in summer of 2019. Image Courtesy of Galaxy Another pseudonymous crypto trader pointed to the chart seen above while noting that he thinks the crypto could “explode” to as high as $20,000 in the near-term. “The BTC chart looks like it is going to explode straight to $20,000.” This indicator’s emergence coincides closely with Bitcoin’s decisive break above a descending trendline that was formed in the time following its rally to highs of $13,800 in late-June of 2019. Featured image from Unplash.

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