8-Year Price Surge Signal Emerges on Bitcoin Chart

Bitcoin has displayed a rare signal on the monthly chart, a phenomenon that has occurred only once in the past 8 years.

8 Year Price Surge Signal Emerges On Bitcoin Chart_65d5d256dd22b.webp

A rare buying signal has emerged on Bitcoin’s monthly chart, fueling ongoing debates about the cryptocurrency’s price trajectory in the coming weeks. This development comes amid recent concerns about the stability of the traditional financial system.

Analysts point out that the ADX/DI indicator has formed a crossover in the upward trend on the monthly chart for the first time in 8 years. This trend and momentum tracking tool is predominantly used for its ability to gauge trend strength and potential reversals.

The current formation bears a peculiar resemblance to a pattern observed in 2016. According to this pattern, in 2016, Bitcoin’s price surged higher in the following year, sparked by the excitement surrounding Initial Coin Offerings (ICOs). By December 2017, Bitcoin reached its peak at $20,000, soaring from below $500 in 2016, coinciding with the ADX/DI indicator flashing a buying signal.

However, what has occurred in history is not necessarily guaranteed to repeat in the future. Bitcoin, in particular, and the overall cryptocurrency market are increasingly intertwined with the global economy.

Related: Bitcoin Drops Below $43,000: Market Sentiment Takes a Hit

The price of Bitcoin may be influenced by macroeconomic risks and legal decisions, as well as the recent interest rate decisions of the Federal Reserve (FED).

Based on investor sentiments, there is a possibility that further cracks in the U.S. banking system could trigger significant demand for Bitcoin, as the FED intervenes through policies or by printing more money. If this scenario unfolds, Arthur Hayes predicts that Bitcoin could reach $1 million.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!