RATE Group | Bitcoin Could Hit $13,000 by April 2020, Macro Indicator Shows
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Bitcoin Could Hit $13,000 by April 2020, Macro Indicator Shows

05 Feb Bitcoin Could Hit $13,000 by April 2020, Macro Indicator Shows

Posted at 16:11h in Bitcoin News by

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Bitcoin could retest the $13,000 range in the next two months, according to a macro technical indicator.

The cryptocurrency’s monthly chart shows that it was trending downwards inside a ‘Falling Wedge.’ It formed lower highs and lower lows, leading to the formation of a contracting price range. As it did, the monthly trading volume of bitcoin also dropped lower, as shown in the graph below.

bitcoin, cryptocurrency

Comparing two XBT/USD Falling Wedges | Source: TradingView.com, BitMEX

Heading into January 2020, the bitcoin price broke out of the Falling Wedge range. The move uphill came alongside a rise in trade volume, confirming a breakout.

Textbook definitions of the Wedge say that a breakout takes an asset’s price upward by as much as the height of the Wedge. In the current case, the maximum price gap between the upper and lower descending trendline comes to be circa $5,300. That said, bitcoin’s next upside is $5,300 above from the point of breakout.

Such a move could have the cryptocurrency test…

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