08-27-2020, 09:01 AM
Bitcoin price is up well over 60% year-to-date, and has recovered 200% from the Black Thursday low. The cryptocurrency broke free from downtrend resistance, and all signs point to a new uptrend well underway.
However, assets never move up in a straight line, and corrections are often healthy for long-term growth. A near-perfect top-sniping indicator may be warning that a short-term top is here. But the first-ever cryptocurrency may have another, final bullish impulse left before things cool off for a while.
Has The Next Cryptocurrency Bull Market Already Begun?
Bitcoin, historically, is one of the most volatile assets to ever exist. It often rises a few thousand percent during bull runs, only to later correct as much as 80 to 90% during bear market drawdowns.
Still, those who sell high and buy low, can make a fortune on the best performing asset of all time.
The cryptocurrency rocketed to superstardom in 2017, becoming a household name after topping out at $20,000. Now, nearly three full years later and a bear market now behind us, Bitcoin is ready for another uptrend.
Downtrend resistance is now cleared. The FOMO trigger of $10,000 is now support. The asset’s halving has passed, and any miner-driven death spiral has been narrowly avoided.
All that’s left is a strong impulse move higher. But after such strong yearly performance, a steady uptrend since March, and investors sitting in substantial profit, a short-term top could be near. Sentiment is also at the longest stretch of extreme greed in history.
Coinciding with all these other bearish factors, a valuation-based indicator that in the past has accurately called tops in the cryptocurrency perfectly is now saying a top could be near.
However, assets never move up in a straight line, and corrections are often healthy for long-term growth. A near-perfect top-sniping indicator may be warning that a short-term top is here. But the first-ever cryptocurrency may have another, final bullish impulse left before things cool off for a while.
Has The Next Cryptocurrency Bull Market Already Begun?
Bitcoin, historically, is one of the most volatile assets to ever exist. It often rises a few thousand percent during bull runs, only to later correct as much as 80 to 90% during bear market drawdowns.
Still, those who sell high and buy low, can make a fortune on the best performing asset of all time.
The cryptocurrency rocketed to superstardom in 2017, becoming a household name after topping out at $20,000. Now, nearly three full years later and a bear market now behind us, Bitcoin is ready for another uptrend.
Downtrend resistance is now cleared. The FOMO trigger of $10,000 is now support. The asset’s halving has passed, and any miner-driven death spiral has been narrowly avoided.
All that’s left is a strong impulse move higher. But after such strong yearly performance, a steady uptrend since March, and investors sitting in substantial profit, a short-term top could be near. Sentiment is also at the longest stretch of extreme greed in history.
Coinciding with all these other bearish factors, a valuation-based indicator that in the past has accurately called tops in the cryptocurrency perfectly is now saying a top could be near.