Cryptocurrency market analysts and enthusiasts think we’ll have a new Bitcoin rally ahead. According to some important figures in the industry, Bitcoin (BTC) will break over $8,800 resistance level soon.
The majority of the analysts who state that a new Bitcoin rally would happen soon base their theories on the data indicated by RIG trend lines, which is an indicator that mixes the Relative Strength Index (RSI) and momentum studies.
Now, the Bitcoin (BTC) momentum chart crossed over the RSI hinting, usually, to an imminent Bitcoin (BTC) price surge. Statistically speaking now, the last three time when that happened, the BTC value against the US Dollar skyrocketed.
The first signs for this emerged last week when Bitcoin remained above a price and trend line that shows a positive signal. Accordingly, more likely, the BTC should experience some price moves soon.
Analysts believe there is a new Bitcoin rally ahead, so we should expect Bitcoin (BTC) to skyrocket
Since February 2018, Bitcoin (BTC) tested the $6,000 level five times, but each time, the leading cryptocurrency in the market managed to recover and even surge back towards its peaks.
Additionally, as mentioned earlier, every time the RIG indicator showed precisely like today, the Bitcoin (BTC) surged to higher grounds. Accordingly, it’s possible we’ll have a new Bitcoin rally ahead.
One of the important crypto figures that debated the possibility of a new Bitcoin (BTC) rally was Mike Novogratz, Galaxy Digital LP founder, who stated that the BTC has to pass over the $8,800 resistance level to keep on surging. However, he thinks, for a Bitcoin rally like we witnessed last year, the BTC must surpass the $10,000 mark.
But the analysts are confident we’ll have a new Bitcoin rally ahead and, according to the RIG indicator, Bitcoin (BTC) will break over the $8,800 level soon.
Also, according to Mike Novogratz, Bitcoin (BTC) could reach $50,000 by the end of the year if the institutional investments boost their money influx in the leading crypto markets.