Bitcoin Mimics 2016 Trend, Signaling a ‘Massive Bull Run’ Ahead
If you are a Bitcoin enthusiast, you might wonder what lies ahead for the world’s most popular cryptocurrency. Is it too late to invest? Will it crash again? Or will it soar to new heights?
According to some analysts, Bitcoin is following a similar pattern to its previous halving cycle 2016, which preceded a massive bull run until 2017. A halving cycle is when the reward for mining new blocks of Bitcoin is cut in half, reducing the supply of new coins entering the market. This creates a scarcity effect that drives up the demand and price of Bitcoin.
One of the indicators that Bitcoin is repeating its 2016 pattern is its exponential moving average (EMA) on 20 observed time periods. This is a measure of the average price of Bitcoin over a certain number of days, giving more weight to recent prices. As of June 13, 2023, Bitcoin is trading above its 20-day EMA, a bullish sign indicating an upward trend.
Another indicator is the Bollinger Band width percentile (BBWP), which measures the volatility of Bitcoin’s price movements. The BBWP shows how wide or narrow the Bollinger Bands are, which are two lines that envelop the price chart and indicate the range of normal fluctuations. A low BBWP means the price is moving in a tight range, while a high BBWP means the price is experiencing large swings.
As of June 13, 2023, Bitcoin’s BBWP is showing two bars, which means it is in a low-volatility phase. This is similar to what happened in 2016 and 2020, right before Bitcoin entered a high-volatility phase, leading to a huge price increase. In other words, Bitcoin is coiling up for a big move soon.
Of course, these indicators are not guarantees of future performance, and there are many factors that can affect Bitcoin’s price in unpredictable ways. However, they suggest that Bitcoin is following a historical pattern that has been profitable for investors who bought and held during the previous halving cycles.
If you want to buy Bitcoin, you might want to act soon before it breaks out of its current range and starts a new mega bull run. You can find various platforms and services that allow you to buy, sell, and store Bitcoin securely and conveniently online. Just make sure you do your own research and understand the risks involved before investing.
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