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Technical indicator shows that Bitcoin price could be facing a massive bull run

Over the past 24 hours, bitcoin has continued the bull trend of the past few days. Since the long-term consolidation phase in July, the price of bitcoin has continued to rise since July 20, 2020, and at the time of writing it was close to $11,640. As a result, Bitcoin is up 4.4% in the past 24 hours. There have been no major price adjustments since the outbreak. Its current market value is $2.1558 billion. Over the past 24 hours, Bitcoin continued its bull run and was able to test the $11,700 mark. The 2017 and 2019 bull markets for Bitcoin predict a potential bull market in 2020.

The trader “Big Chonis” is watching the current
price development closely and pointed out in a Twitter post that the Bitcoin
price closed at the end of the month just above the descending resistance line
built up over several years. This is a bullish sign, so Bitcoin can continue
the current upward trend in his opinion.

“HornHairs” also describes that Bitcoin
could be facing a massive bull run as BTC closed above the USD 10,700 mark on
the monthly chart for the first time since December 2017:

Good time to zoom out & take a deep
breath… 1M chart looking to close above $10,7k for the first time since Dec
2017… which was the only time it did so.

Well-known Blockroots-founder Josh Rager is
also bullish and refers to his analysis of the weekly and monthly charts of
Bitcoin:

So if you’re bearish on Bitcoin, you’ll
only need to look at the high time frame charts to change your mind.

Rager refers among other things to
Bitcoin’s weekly closing, which Rager says is the highest since January 2018.
According to the trader, a small correction could follow, but he still expects
a further influx of new buyers and is therefore bullish for the further price
development of Bitcoin in the medium term.

The trader goes on to say that the 14,000 USD mark is the next target and the next strong resistance for the Bitcoin price. Should Bitcoin actually manage to break through this level, a new all-time high could be reached in 2020, according to the trader.

An indicator that accurately predicted the
legendary 2017 bull run, in which Bitcoin reached a price of over $20,000,
predicts that another bull run could now be imminent. The supertrend is an
indicator that uses the so-called ATR-indicator, which describes the volatility
of a price, to show either a buy signal or a sell signal.

If this supertrend moves above the price,
it sends a sell signal, but if it moves below the price, it is to be evaluated
as a buy signal. The supertrend can describe a reversal of the underlying trend
of a price and acts as support or resistance, depending on the position. After
the week-end closing of Bitcoin, the supertrend now moved below the Bitcoin
price for the first time since 2019. The following diagram shows the course of
the supertrend and the BTC price over the last years.

This sends a clear bullish signal and could
mean a further price increase for Bitcoin. Therefore, if this indicator again
proves to be a correct prediction for the price development of BTC, it is
possible that Bitcoin is standing at the beginning of another massive price
increase.

Author : Collin Brown

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