Bitcoin surged on Thursday and finally broke through the overhead resistance of $ 9,500. Bitcoin has increased by nearly 30% so far this year, according to blockchain analyst firm Skew. Such great performance in Q1 has not appeared in the cryptocurrency market for 7 years.
However, the long bear market makes many investors fall short, as most of them have been accustomed to recent price declines but still hope they will receive profits in the long-term time frame. When the cryptocurrency market flashes blue again, such investors believe that the bull run is just a fake move and the bears will soon return.
But, the 3 important factors below will prove that the cow won the day.
Bitcoin has moved above the crucial 200-day MA
Bitcoin has surpassed the 200-day moving average in just 3 times since its inception: March 2012, October 2015 and April 2019. Notably, all three times led to explosive price hikes, taking the leading cryptocurrency to a new high.
Fundstrat's Thomas Lee recently observed that Bitcoin passed MA 200 days on January 27. According to Lee, whenever Bitcoin crosses this barrier, the price will rise by 80% and “basically means that Bitcoin is 'rejoining' the bull market.”
– Thomas Lee (@fundstrat) January 29, 2020
“Bitcoin is back on Street 200-day moving average on January 27 … positive and consolidated milestones for 2020 will shape Great year with BTC
– whenever BTC> 200D, the win rate (6 million transitions) leaps to 80% and is basically “rejoin“The market goes up (> 200D)”.
Hashrate BItcoin hit new all-time highs
Amid rising prices, the Bitcoin network has recently formed new all-time highs. The Twitter account, anonymously named The Moon, pointed out that Bitcoin hashrate reached 123 million hashes per second. In his view, this is a sign that the leading cryptocurrency asset is “preparing a giant bull run before the halving”.
The #Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH!
A whopping 123,011,832 TH / s !!!
The $ BTC fundamentals are screaming for a huge bull run leading into the halving! 🚀
BULLISH !! pic.twitter.com/HB6JLSy6V0
– The Moon (@themooncarl) January 30, 2020
“Bitcoin hash rate just touched level high every new age!
A whopping 123,011,832 TH / s !!!
The basic indicators of BTC are prepare for A big rally on the porch halving!
Halving Bitcoin is expected to take place on May 9, which is less than 100 days. After this event, the Bitcoin block reward will be cut from 12.5 BTC to 6.25 BTC. As a result, assets become scarce and more valuable.
Increase the number of active Bitcoin addresses
Source monitoring Glassnode said analyzed the growing number of entities controlling active Bitcoin addresses. According to Glassnode, this is a sign of continued acceptance of Bitcoin.
Historically, an increase in the number of Bitcoin addresses has always preceded a huge price hike. A good example is the Bitcoin address that increased in October 2017 before the historic growth market in December. In addition, Bitcoin soared to $ 13,796 in June last year simultaneously with an increase in the number of active addresses.
The number of entities currently entering Bitcoin daily just exceeded last year´s high, when BTC price ran up all the way to 13.9k.
The last time we reached such high numbers again in a BULL market was in Oct ’17.
This. Is. Very. Bullish.
– CryptoKea (@CryptoKea) January 29, 2020
“The number of entities currently gia Enter Bitcoin daily fit exceed the highest level of the Last year, when the price of BTC increased to 13.9k.
The last time we achieved such a high number was in the market cow is on the 17th/ten.
Prices will rise sharply”.
If history repeats itself, Bitcoin could be on its way to a huge price surge.
BTC price today | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Bitcoin Magazine | Zycrypto
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