Bitcoin (BTC) is repeating the bull run that cost $ 20,000The chart data shows that a new report says so $ 10,000 was an “entry point” for investors.
In one Tweet on August 13, the Cointelegraph analyst filbfilb pointed to clear similarities between Bitcoin’s past few weeks and its all-time highs in 2017.
The BTC price of the 20-week moving average hits the key position
The most important metric, Filbfilb says, is the interaction between the BTC / USD spot price and its 20-week moving average.
Currently, the relationship between the two mimics that of late 2016 and lays the groundwork for the bull run that has posted returns of more than 3,000% over the year.
In comments, filbfilb added that 2020 shows signs that they are different from the bullish phases that have occurred since then., especially last year’s three-month race that peaked at $ 13,800.
However, the Cointelegraph analyst is focused on the short term Michaël van de Poppe, argued that a non-withholding of $ 11,200 would result in a correction towards $ 10,000.
“$ 11,200 is the support area. If this is lost, we’ll see more wiggle room and look for $ 10,500-10,700 first.”, commented Thursday.
Filbfilb had previously advised Telegram trading channel subscribers that reaching $ 11,600 would translate into a return of $ 12,000, but that level would be “unlikely” to clear.
Weekly chart of the BTC / USD pair with the 20-week moving average highlighted. Source: filbfilb / Twitter
OKEx: $ 10,000 “considered a reasonable entry point”
Other sources were also optimistic. In a report due out today, OKEx said its technical research found clear support for Bitcoin at $ 10,000.
“Given this knowledge, It appears that the March 2020 collapse caused weak hands to pull away from the marketThis allowed him to gradually accumulate and earn $ 10,000, which opened most of the vacancies in the green today, “the researchers concluded.
In addition, the accumulation of positions leading to current levels (between $ 10,000 and $ 12,000), along with the current moderation in profit-taking, shows that these prices were viewed by participants as reasonable entry points. It also shows that those who are making a profit are willing to hold on to their coins for greater profits in the future. “
OKEx added that the ability for BTC / USD to return below USD 10,000 for the time being may be over.
As Cointelegraph reported, There is already a consensus on institutions that will enter the current price level, driven by purchases of Grayscale and MicroStrategy that went well beyond the amount of BTC just mined.