- Bitcoin has experienced an immense upswing in recent weeks, rising to $14,100.
- In the last two weeks alone, BTC has increased by 25%.
- Analysts expect BTC to rise even higher in the coming weeks – although it has not yet been possible to establish $14,000 as support.
- The 200-day moving average of the crypto currency has recently reached a new all-time high, following a peak in May or June 2018.
- This bullish signal was last seen in 2016 – before the 2,000% recovery.
Key data show: Bitcoin could soon experience an exponential rally
Bitcoin has experienced an immense rally in recent weeks. From its low of USD 9,800 in September, the leading crypto currency has risen to USD 13,700 (at the time of writing). The crypto currency has been subject to a high degree of volatility due to the volatility of the US dollar exchange rate caused by the election.
Bitcoin has risen by 25% in the last two weeks, making Bitcoin Rush one of the best performing assets in this period.
Analysts expect BTC to shoot up even further in the coming weeks, despite the failure to establish $14,000 as support. A crypto-asset analyst recently split the chart below and commented that the crypto-currency has formed an extremely bullish signal.
The 200-day moving average of the crypto currency recently set a new all-time high, after having reached it in May or June 2018. This was last seen before a series of exponential rallies, such as from 2013 and 2016. From this signal to the last all-time high, Bitcoin recovered by 2,400%.
„BTC daily: Nail in the bear coffin? The 200-day MA has just made new ATH. The last 2 times this happened, there was no looking back.“
Top macro investors expect exponential rally
This mood is surprisingly in line with what many analysts think will happen.
Raoul Pal, CEO of Real Vision and a notable macro-analyst, believes that the leading crypto-currency could rise to USD 100,000 and beyond in this market cycle.
Pal comments that this could probably be due to institutional capital entering the Bitcoin area:
„Just from what I know of all the institutions, of all the people I talk to, there is a huge amount of money coming into this area. It is an enormous wall of money – only the pipes are not yet there for people to do it, and that is yet to come. But it’s on everybody’s radar, and there are a lot of smart people working on it.“
The crypto-currency could rise to $1,000,000 in the next decade, Pal says. That would give it a market capitalisation higher than gold, which currently has a market capitalisation of around $11 billion.