Bitcoin (BTC) just needs history to repeat itself in order to see a huge rise in prices, according to two indicators now looking up.
On September 28, chain monitoring provider Glassnode reported that Bitcoin has broken out of the green “buy” zone for the first time since the coronavirus crash in March.
Glass node suggests “big” rise in BTC prices
The hard pressure is based on difficulty columns – a computation invented by statistician Willie Wu as a way to determine the optimal time to buy bitcoin.
The columns use simple moving averages for mining problems, and a contract where miners sell BTC to offset costs and then give up, often towards the end of a bear market. This makes miners stronger, and as a result, prices rise and, therefore, growth.
Pressure adds a standard deviation to the mix so analysts can determine the magnitude of the tire pressure and more accurately when to market.
Glassnode commented on the data on Twitter: “The hard-hitting feed is lifting and breaking out of the green shopping zone for the first time since March.”
“Historically, these have been periods of positive momentum, indicating a significant rise in the dollar value of BTC.”
Wu agreed, adding that difficulty lines were “more reliable personal favorites” among the bitcoin price scales. He said bitcoin investors should prepare for a “fantastic fourth quarter of 2020”.
$ 145,000 by 2022?
Another chart that discusses cryptocurrency on Twitter this week is the BitWise Spot Currency Volume Index.
By tracking periods in the history of BTC prices from low to high on a half-cycle basis, the chart currently shows a clear indication of the direction of BTC / USD growth in order of increasing volume until 2021.
By the end of next year, if historical behavior repeats itself, the market could trade about $ 150,000 out of $ 10,000.
As Cointelegraph mentioned, Bitcoin is still suspicious of historical precedents and is moving beyond its current range of $ 12,500. Factors such as the strength of the US dollar stifle optimism, but they run counter to the fundamentals of the network, including great difficulties.