Cryptocurrency
The Last Time This Happened, Bitcoin Rallied 150%. The Signal Just Returned
As reported by NewsBTC, “Bitcoin hasn’t done too well over the past few days. “Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs of $10,100, now trading at $8,500. This drop hasn’t stopped optimistic investors from expecting more upside though, with […]
As reported by NewsBTC, “Bitcoin hasn’t done too well over the past few days.
“Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs of $10,100, now trading at $8,500. This drop hasn’t stopped optimistic investors from expecting more upside though, with one analyst noting that Bitcoin could be on track to hit $20,000 as the year comes to an end.
“When Bitcoin’s weekly candle closed on Sunday night, investors were running scared.
“After seven weeks of consecutive gains, the cryptocurrency had printed a textbook ‘Doji’ candle, marked by a skinny body and long wicks above and below the candle. Doji candles, according to some traders, are a sign of a trend reversal.
“He noted that the last time Bitcoin saw seven weeks of consecutive gains, then a Doji was at the start of 2019’s bull rally. What followed the last occurrence of this trend was an 160% increase within the span of three or so months.
“This means that should history repeat itself, the cryptocurrency could hit $20,000 as 2020 comes to a close…”