The price of Bitcoin, the top valued cryptocurrency is expected to take a bullish move soon. This is based on the revelation of key indicators and historical records.
The Value Of Bitcoin and Its Influence
The value of the top cryptocurrency has taken a bearish trend since the beginning of the year. This has seen it lose about 70% from it’s all-time highest point of almost $20,000 reached a year ago.
As the top valued cryptocurrency, the movement of the crypto influences other cryptocurrencies. The rise in the value of the crypto and the cryptocurrency market at large has been saddled with the approval of Bitcoin ETF by the U.S. SEC, as opined by most cryptocurrency enthusiasts.
Series of rejection of Bitcoin ETF proposal by different company continue to dash the hope of a bullish trend as expected by most cryptocurrency enthusiasts.
Despite the long wait for a Bitcoin ETF, which most already believe will not come through again this year, many enthusiasts are still very much optimistic on the bullish rise of cryptocurrencies.
Notably, Tom Lee among others is still optimistic about the value of Bitcoin rising to all-time highs in the remaining period of 2018. Their opinion might be right has revealed by key indicators recently.
Bitcoin Impending Bullish Move
Bitcoin has taken an increase of 3% in the last seven days, and as revealed by key indicators, the bullish trend is in the offing for the cryptocurrency.
Leading technical indicators, a combination of the Relative Strength Index (RSI) and Momentum studies, indicates that the momentum gauge has crossed the RSI gauge. The shift based on the analysis of the RIG trend line shows that an increase in price movement is very imminent.
Historical Trend of Momentum Gauge Line Crossing RSI Gauge Line in 2018
Notably, a similar key indicator revelation has taken place on three previous occasions in the year. On each time this has taken place, it has spurred a bullish move of the cryptocurrency.
The last occurrence of this before the present one took place in August and the price of Bitcoin rose over 21% within three weeks. Though the bullish move later took a reversal.