The Onchain Signal That Triggered Bitcoin’s 2000% Price Rally
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The Onchain Signal That Triggered Bitcoin’s 2000% Price Rally

May 30, 2020      Jyoti Singh

Bitcoin has continued to stay below the key resistance of $10k, despite that investors are still bullish towards it.

Currently, the Bitcoin investors inclination for holding their coins have almost reached all-time highs (ATH), suggests the key on-chain data. It further mentions that the latest trend is a lot similar to the one that has been seen when the 2017 bull market was started.

Investors HODLing Bitcoin

Recently, the Glassnode, a blockchain analytics company, discovered that for over a year a total of 60 percent of BTC has not been circulated which shows there has been increased HODLing behaviour among investors.

In the year 2017, before the Bitcoin was going to experience the 2000 percent surge in its price i.e., from $1,000 to $20,000, almost the similar percent of cryptocurrencies remained unmoved.

A chart shared by Nunya Biznzi who is an analyst, also indicates that in future Bitcoin might experience bullish trend.

While posting the chart, he tweeted that in the year 2015, the first time Bitcoin experienced most losses within 100 days after a golden cross, death cross and golden cross sequence. But after that time span, Bitcoin reached new highs of 6400 percent. Now in the year 2020, the Bitcoin is experiencing the same lows for the second time in 100 days.

 

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Bitcoin’s Movement

According to the chart shared by Biznzi, the 50-day and 200-day moving average of Bitcoin which was recorded earlier are a bit similar to recent price movement. At that time the Bitcoin price rallied by 6400 percent.

The golden cross is described as a candlestick pattern which is considered to be a bullish signal for cryptocurrency. In this pattern, the average long-term movement of an asset is crossed by the relatively short-term average movement.

The website further added that during the golden cross period the bull market remains at the horizon and is strengthened by high trading volume.

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#all-time highs (ATH) #bitcoin #candlestick pattern #death cross #Glassnode #Golden Cross #Nunya Biznzi #on-chain data
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.