Bitcoin (BTC) is repeating the bullish run that took it to $20,000, the chart data shows that a new report says that $10,000 was an “entry point” for investors.
In an August 13 tweet, Cointelegraph analyst filbfilb highlighted clear similarities between Bitcoin’s final weeks and its run to record highs in 2017.
BTC price of 20-week moving average reaches key position
The key metric, filbfilb said, is the interaction between the Bitcoin Billionaire spot price and its 20-week moving average.
Currently, the relationship between the two is mimicking that of late 2016, setting the stage for the bullish run that yielded more than 3,000% within the year.
In comments, filbfilb added that 2020 was showing signs of being different from the bullish phases that had occurred since then, specifically last year’s three-month race that peaked at $13,800.
Kraken predicts an imminent rise in Bitcoin prices of up to 200%.
However, focusing on the short term, Cointelegraph analyst Michaël van de Poppe argued that not holding $11,200 would result in a correction to $10,000.
“$11,200 is the support area. If that’s lost, we’ll see more range and look for $10,500 to $10,700 first,” he said Thursday.
Filbfilb had previously told Telegram trading channel subscribers that reaching $11,600 would boost a return to $12,000, but that this level would be “unlikely” to clear.
BTC/USD weekly chart with 20-week moving average highlighted
Bitcoin P2P trading is at its highest point since January 2018
OKEx: $10,000 “point of entry considered reasonable”
Other sources were also optimistic. In a report to be released today, OKEx said that its technical investigations revealed definitive support for Bitcoin at $10,000.
“In light of this knowledge, it appears that the March 2020 collapse caused the weak hands to be removed from the market, allowing it to gradually recover and claim $10,000, which put most of the positions open today in the green,” the researchers concluded.
“In addition, the accumulation of positions leading up to current levels (between $10,000 and $12,000), along with the current moderation in profit taking, indicates that these prices were considered reasonable entry points by participants. It also indicates that those who make profits are willing to keep their currencies for higher profits in the future.
OKEx added that the possibility of BTC/USD returning below $10,000, for now, may be over.
Wall Street Begins ‘Hodling’ Bitcoin
As reported by Cointelegraph, a consensus is already building around institutions moving into current price levels, driven by purchases from Grayscale and MicroStrategy that far exceeded the amount of newly extracted BTCs.