Bitcoin has been on an absolute tear over the past few days, surging by some 20% from the $6,900 low put in last week. While some say it is too early to tell whether or not this jump marks an end to the brutal bear market that brought BTC from $14,000 to $6,400 at its worst, there are a number of technical signals that have been printed that imply bulls are decisively in control.
According to a number of analysts, Bitcoin’s charts are printing bullish technical signals galore.
BTCKyle posted the below tweet, noting that Bitcoin’s weekly chart has printed a bullish Parabolic Stop and Reverse candle for the first time since the $14,000 candle in June of last year. Yes, the SAR has not confirmed, though it is a positive sign for bulls should it close positive.
That’s far from the end of it. Josh Olszewicz, analyst at Brave New Coin, recently noted that Coinbase is now trading at a slight premium over Bitfinex. This is purportedly an extremely bullish signal that underscored much of the rally seen in 2019.
Since the disconnect in May ’19, CB leading BFX has very bull pic.twitter.com/sTx4lBTuLL
— Josh Olszewicz (@CarpeNoctom) January 7, 2020
And Adaptive Capital’s new analyst, CL, recently noted that Bitcoin’s four-hour chart is showing clear signs of a reversal on a medium-term basis. The trader and chartist specifically looked to the Bollinger Bands indicator, which he claims shows a bullish trend is currently emerging:
“When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.”
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
All this has been underscored by the positive fundamental trend the cryptocurrency has seen.
Per previous reports from this very outlet, another bullish factor that is likely to aid Bitcoin is the macroeconomic and geopolitical environment. More specifically, the news that Iranian General Qassem Soleimani was killed in Baghdad in an airstrike directed by President Donald Trump.
According to a tweet from Mike Novogratz, a former Goldman Sachs partner and current chief executive of Galaxy Digital, the Iran situation is bullish for gold and BTC.
The investor elaborated by writing what he expects to happen on a geopolitical scale in the coming weeks. Slightly paraphrased, he wrote: “Iran will begin to expel U.S. troops. Iran will have more influence in Iraq, which is what they want. The Saudis don’t want conflict. Due to all this, the Middle East will become less stable, creating more volatility in global markets.”
Not to mention, Bitcoin’s hash rate — the measure of computational power processing BTC transactions — hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it.
Featured Image from Shutterstock