A new report says Bitcoin (BTC) investors have “little time” to accumulate before the bulls cross $ 20,000.
An unknown weekly report released on December 10 from Asian crypto fund providers Stack Funds predicts that one indicator in particular will follow historic precedent and push Bitcoin higher.
Report: You can buy BTC, but “not for long”
According to Slack, the MCTC market cap is showing signs of a repeat of results in 2017, when BTC / USD fell from below $ 1,000 to $ 19,866 on Coinbase.
The MCTC takes a snapshot of Bitcoin’s market value and then shares it with total miners’ revenue since mining began – a heat jacket.
The MCTC is around 17 years old this week, which corresponds to mid-2017 and is still in a position twice that marks the start of the beef market.
The report said: “The ratio is currently at 17, which coincides with the peak in 2019. In addition, the value is close to a breakout in 2017, when it reversed around the 20 mark before Bitcoin’s rally began.”
Thus, in its current position, there is much room for bullish maneuvering, which makes Stack assume that the bullish advance will continue soon.
They concluded, “Given that the ratio is still in the lower range, we doubt that the savings will persist, but shortly before the $ 20,000 price breakout occurs.”
$ 19,400 shows stubborn resistance
Bitcoin has recovered in the past 24 hours after the sudden weakness ended a period of price consolidation and recovered below $ 18,000.
At the time of the press release, the BTC / USD rate was trading at $ 18,300 and traders were looking for signs of ultimate support.
However, as Cointelegraph reported, there is no sign of ultimate buyer support above $ 16,200, as evidenced by exchange order books, with $ 20,000 still a critical resistance level.
For Cointelegraph Markets analyst Michael Van de Pope, $ 19,400 is the highest point to look for real confirmation that the current bearish scenario is over.
He summed up in his Thursday update: “If we want to hit record heights in boom and attack again, I will see a break in this block.”