Recent occurrences raise similarities with previous major price movements, as Bitcoin (BTC) price correction clings to its 23% increase from this week.
Analysts believe Bitcoin is preparing for a new spike in price, potentially seeing a repeat of the bull run in 2017. Many crypto fanatics are comparing this gradual but consistent recovery to its April value to the famous bull runs of the past. Analysts have noticed repeated patterns with the coin giant’s price movements and are predicting another major bull run.
Following July’s developments, highs of over $42,000 have been reached, the cryptocurrency market has shifted in the direction of a bull run for Bitcoin investing, this recurring event is commonly referred to as a “supercycle”. Since the price slump in May, Bitcoin has been steadily regaining momentum. However, this week’s price gains have turned out to surpass the expectations of many.
Surprisingly, instead of experiencing another steep slide in the cryptocurrency market cap and crypto market investments drop in volume, BTC price action has maintained its gains, which at the time of writing is a total of 23% in a week.
An analyst from Rekt capital has pointed to the BTC/USD market and the surpassing of its 21-week fast-paced moving average, which he suggests is a “time-tested bull market indicator.” Further explaining that this pattern has been witnessed before with the most popular crypto coin and anticipates a repetition of its effects on the market.
The optimism around the recent shift in market activity isn’t limited to analysts and crypto professionals. Long time holders often referred to as Hodlers who have not been selling Bitcoin from their portfolio have regained control at new levels that is unmatched since Bitcoins April peak price of $64,500.
If you are looking to Buy and Sell Bitcoin but you’re not sure where to invest? You can head over to BC Bitcoin where you can safely make your investments.