Δrchon
Δrchon 2 minutes reading from Bitcoin

Why I think #BTC is headed Much Higher

1) There are several reasons why I think BTC is headed much higher, one of them can be found by looking at the MACD on a 2w chart of BTC...

I will show a few examples, but the idea is whenever the MACD crosses over below zero, there has been a significant run up in price

2) First example is in 2015, after the bullish MACD crossover on a 2w chart (you'll the MACD is below zero) the price of BTC ran up 240%+

3) Another example is in 2019, bullish crossover on the MACD (marked below zero), price of BTC ran up another 240%+

4) That brings us to today, the MACD has just completed a bullish crossover below the zero mark and has moved up around 30%. I'm not saying it will go up 240%+ like in the previous instances but I do think we are headed much higher

5) As far as price targets, I believe the first target will be the 50w MA (50 week moving average) which has historically acted as strong support/resistance on BTC. That would mean a price between 25,000 and 26,000. I will come up with new targets if/when we get there.

This post is based on this twitter thread.

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