Bitcoin has seen a rapid rally over recent weeks from the $10,000 range to $16,000 as of this article’s writing. The leading cryptocurrency is expected to move even higher in the weeks and months ahead as long-term trends are still positive.
Analysts are highlighting a confluence of technical and fundamental reasonings as to why BTC will likely move higher in the future.
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Bitcoin to See Macro Bull Run as Key RSI Cross Happens
Analysts are eyeing a strong Bitcoin rally as key long-term technical trends show through.
Chart of BTC's price action over the past decade with an analysis by crypto trader PlanB (@100trillionusd on Twitter). Source: BTCUSD from TradingView.com
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Not the Only One
He’s not the only one that thinks this is the case.
Josh Rager, a cryptocurrency trader, recently shared the chart seen below. It shows that Bitcoin is likely to rally 700-1,000% in the upcoming bull run as Bitcoin seems primed to set a new all-time high on a monthly basis:
“Every time BTC has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed. November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market”
Chart of BTC's price action since the start of it trading with analysis by crypto trader Josh Rager (@Josh_Rager on Twitter). Source: BTCUSD from TradingView.com
The devaluation of the U.S. dollar and a relative rally in Bitcoin against gold is expected to push prices higher.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro RSI Shows Bitcoin is on the Verge of a Massive Bull Run