• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Tuesday, August 16, 2022
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

History Suggests Bitcoin Could Soon See a Rapid Rise to Fresh All-Time Highs

13 August 2020
in Bitcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



  • The entire cryptocurrency market – including Bitcoin – is currently witnessing some slight downwards pressure that has slowed BTC’s ascent
  • The benchmark cryptocurrency is facing what appears to be insurmountable resistance at $12,000
  • Each attempt that bulls have made to break through this level has resulted in firm rejections that send its price reeling down towards the mid-$11,000 region
  • Despite showing some signs of weakness, the cryptocurrency remains well-positioned to see further near-term upside – according to one analyst
  • BTC is currently forming a similar market structure to that seen before its last parabolic rally to all-time highs kicked off

Bitcoin and the aggregated cryptocurrency market are currently caught within a firm consolidation phase.

Except for many small and mid-cap altcoins, most major digital assets have been unable to garner any strong momentum as they consolidate below heavy resistance.

Yesterday, it appeared that both BTC and ETH were going to try to shatter their near-term resistance levels, but this resulted in a firm rejection that resulted in a short-term downtrend.

Despite this current turbulence, a comparison of Bitcoin’s existing macro market structure to that seen by the cryptocurrency just before the parabolic run in 2017 shows striking similarities.

This may mean that the cryptocurrency is about to enter a full-fledged bull trend.

Bitcoin Shows Similarities to Pre-2017 Market Structure 

At the time of writing, Bitcoin is trading down just under 2% at its current price of $11,700.

After pushing towards $12,000 yesterday, the benchmark digital asset faced an influx of selling pressure that ultimately led it down to lows of $11,600.

This shows that the $12,000 level remains insurmountable, and it will likely require a massive influx of buying pressure for it to be broken.

One trend that bodes well for Bitcoin in the near-term is the striking similarities between its current market structure and that seen before the 2017 rally.

While speaking about this, a popular cryptocurrency analyst also offered a chart showing the aforementioned similarities.

“Same distance from what was the last ATH. Almost the exact percentage away from that ATH.”

Image Courtesy of Cantering Clark. Chart via TradingView.

Here’s What This Means for Where BTC Trends Next

According to this pattern, Bitcoin’s next journey up to its all-time highs would take place towards the end of December or during the first week of January.

The same analyst mused this possibility:

“Let’s see if this same rate plays out. New Bitcoin ATH end of December first week of January?”

Image Courtesy of Cantering Clark. Chart via TradingView.

How the benchmark cryptocurrency trends in the coming weeks should reveal whether or not this is a realistic possibility.

Featured image from Unsplash.
Charts from TradingView.





Source link

Related articles

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

15 August 2022

Liquidations Cross $280 Million After Bitcoin Price Falls Below $25,000

15 August 2022
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: alltimeBitcoinfreshhighshistoryRapidRiseSuggests
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Writing Bitcoin Smart Contracts Is About to Get Easier With New Coding Language

Next Post

STEEM, Binance Coin, XRP Price Analysis: 13 August

Related Posts

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

15 August 2022
0

The market recovery has seen the bitcoin price reach higher highs than expected in the short term. This has come...

Liquidations Cross $280 Million After Bitcoin Price Falls Below $25,000

15 August 2022
0

Bitcoin price had touched briefly above $25,000 in the past day, but the rejection at this point had sent the...

Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says

15 August 2022
0

Bitcoin always has big names behind its back, and – why not? According to MicroStrategy founder Michael Saylor, the emergence...

Crypto Corner: The Sports Slice

15 August 2022
0

Dapper Labs is taking sports NFTs up a notch with a new NFL team partnership, a Premier League football club...

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

14 August 2022
0

On-chain shows Bitcoin miners have been in a phase of distribution recently, a sign that could prove to be bearish...

Load More
Next Post

STEEM, Binance Coin, XRP Price Analysis: 13 August

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Tornado Cash Sanctions Are Spiraling Into Compliance Nightmares
  • Former Navy SEAL and Author Willard Chesney Joins CBS SEAL Team Actor Justin Melnick With NFT Collection Release On The ReserveBlock RBX Network Proceeds To Benefit The Boot Campaign
  • Trend Reversal May Be “Imminent”

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%