Bitcoin Indicator That Called Three Huge Rallies Is Flashing Again
The crypto market is not in the best shape today with some coins trading in the green, but lots of others, in the red as well.
At the moment of writing this article, BTC is trading in the red, and the most important coin in the market is priced at $7,332.73.
Important bullish BTC indicator is flashing
Crypto analyst Scott Melker of Texas West Capital said that an indicator that preceded three massive BTC rallies is currently flashing.
In a few tweets, Melker said that the Stochastic relative Strength Index is now moving higher while the price of BTC is posting lower lows and creating an important bullish divergence.
“The weekly XBT chart confirmed the massive bullish divergence in oversold territory on Stochastic RSI. This is the fourth time that this has happened since the Bitcoin top. The first moved price from $6,400 to $9,900,” he said.
He continued and explained that “The second preceded the pump from $3,200 to $14,000 (!!!) and the third predicted the move from $7,400 to $10,400 just weeks ago. What will the fourth one in the sequence do?”
— BLOCKTV (@BLOCKTVnews) December 22, 2019
BTC to reach $250k
Despite the huge volatility in the crypto market, BTC price predictions have been pretty optimistic these days.
There’s even a prediction claiming that BTC will hit $1 million in a few years but the most popular prediction that’s been circulating in the crypto space is the one claiming that BTC will reach $250k.
Tone Vays said that the predictions claiming that BTC will hit $250k in the next three years and completely reckless.
Vays said that this own prediction claiming that BTC will hit $50k is high enough.
“And here are my long-term projections: I was expecting Bitcoin to break going up to $50,000 somewhere in the year 2023. [Tim Draper] is looking for $250,000 by the end of 2022,” he said.
Vays continued and explained, “And I think [$50,000] is a way more responsible prediction. It is still pretty damn bullish. Bitcoin going up to $50,000 by 2023, is just more responsible as an adult to say. ”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.