RATE Group | Crucial Indicator Shows Bitcoin Price 250% Higher in 2020
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Crucial Indicator Shows Bitcoin Price 250% Higher in 2020

08 Jan Crucial Indicator Shows Bitcoin Price 250% Higher in 2020

Posted at 13:10h in Cryptocurrency News by

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Bitcoin could establish a new all-time high above the $20,000 level in 2020 as it hits crossroads with a bias-defining indicator.

The benchmark cryptocurrency’s latest move uphill prompted it to retest its 20-weekly moving average on Wednesday. The technical indicator is conclusively accurate when it comes to defining bitcoin’s long-term trends. When the cryptocurrency breaks above the MA, it tends to stage parabolic bull runs, as shown in the chart below.

bitcoin, cryptocurrency

Bitcoin rebounds after testing 20-weekly MA | Source: TradingView.com, Coinbase

In April 2019, the bitcoin-to-dollar exchange rate closed above the yellowed 20-weekly MA for the first time in 15 months. The pair later rallied to the upside by circa 250 percent – from $3,858 to $13,868 on Coinbase exchange.

Before the wild upswing, staying below the 20-weekly MA kept bitcoin bearish. The cryptocurrency fell up to 72.96 percent after it first went under the indicator in January 2018 (the channel with redded trendlines). Prior to…

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