- Within the last 24 hours Bitcoin continued its bullish trend and was able to test the $11,700 mark.
- A technical indicator that predicted both, the Bitcoin bullrun in 2017 and 2019 predicts a possible bull run in 2020.
Within the last 24 hours, Bitcoin has continued the bullish trend of the last few days. Since its extended consolidation phase in July, the Bitcoin price has been rising continuously since July 20, 2020, and is currently at almost $11,640 at the time of writing. Thus, Bitcoin has recorded a plus of 4.4% within the last 24 hours. Since the beginning of the price outbreak, no major price correction has been recorded to date. The current market capitalization is $215,58 billion.
The trader “Big Chonis” is watching the current price development closely and pointed out in a Twitter post that the Bitcoin price closed at the end of the month just above the descending resistance line built up over several years. This is a bullish sign, so Bitcoin can continue the current upward trend in his opinion.
— Big Chonis Trading? (@BigChonis) July 31, 2020
Well-known Blockroots-founder Josh Rager is also bullish and refers to his analysis of the weekly and monthly charts of Bitcoin:
So if you’re bearish on Bitcoin, you’ll only need to look at the high time frame charts to change your mind.
Rager refers among other things to Bitcoin’s weekly closing, which Rager says is the highest since January 2018. According to the trader, a small correction could follow, but he still expects a further influx of new buyers and is therefore bullish for the further price development of Bitcoin in the medium term.
Chart #2 – Weekly
A close above $11,479 would give a break in market structure and the highest weekly close since January 2018
Pullbacks can be expected on lower time frames
But I expect more buyers to jump in with a close above these levels pic.twitter.com/RDZggIpxN9
— Josh Rager ? (@Josh_Rager) July 31, 2020
“HornHairs” also describes that Bitcoin could be facing a massive bull run as BTC closed above the USD 10,700 mark on the monthly chart for the first time since December 2017:
Good time to zoom out & take a deep breath… 1M chart looking to close above $10,7k for the first time since Dec 2017… which was the only time it did so.
The trader goes on to say that the 14,000 USD mark is the next target and the next strong resistance for the Bitcoin price. Should Bitcoin actually manage to break through this level, a new all-time high could be reached in 2020, according to the trader.
Good time to zoom out & take a deep breath…
1M chart looking to close above $10.7k for the first time since Dec 2017… which was the only time it did so. $14k next line in the sand.
1W chart shows intermediate resistance at $11.6k with a BTFD zone from $9.7-10.7k. pic.twitter.com/So5jhBIVmc
— HornHairs ? (@CryptoHornHairs) July 31, 2020
Technical indicator shows that Bitcoin price could be facing a massive bull run
An indicator that accurately predicted the legendary 2017 bull run, in which Bitcoin reached a price of over $20,000, predicts that another bull run could now be imminent. The supertrend is an indicator that uses the so-called ATR-indicator, which describes the volatility of a price, to show either a buy signal or a sell signal.
If this supertrend moves above the price, it sends a sell signal, but if it moves below the price, it is to be evaluated as a buy signal. The supertrend can describe a reversal of the underlying trend of a price and acts as support or resistance, depending on the position. After the week-end closing of Bitcoin, the supertrend now moved below the Bitcoin price for the first time since 2019. The following diagram shows the course of the supertrend and the BTC price over the last years.
This sends a clear bullish signal and could mean a further price increase for Bitcoin. Therefore, if this indicator again proves to be a correct prediction for the price development of BTC, it is possible that Bitcoin is standing at the beginning of another massive price increase.