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Bitcoin could repeat the 2017 bull run

August 13, 2020

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.

Bitcoin could repeat the 2017 bull runBitcoin could repeat the 2017 bull run

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.

BTC / USD weekly chart with the 20-week moving average highlighted

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.

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