Bitcoin crashed 38% when this signal last appeared – now it’s back
- Bitcoin has seen some turbulence recently, with the cryptocurrency’s price action heavily favouring the bulls.
- Each dip has led to aggressive buying pressure, pushing it to new all-time highs, with the ongoing bull market turning into a full parabolic ascent.
- The cryptocurrency is fast approaching $30,000, with this being a key level that could prove to be a major hurdle for the cryptocurrency.
- One analyst has commented on BTC’s prospects, stating that its medium-term performance will largely depend on its reaction to a rapidly emerging trend.
- The last time the indicator he refers to lit up, the cryptocurrency saw a massive 38% retracement before recovering and posting exponential growth.
Bitcoin has been caught in the clutches of a wild bull market over the past few months, and there are few signs of it abating as the bulls continue to absorb pretty much every dip.
The cryptocurrency is fast approaching a key mark that has long been seen as a target for Bitcoin Loophole scam its growth at $30,000. This could prove to be one of the strongest resistance levels it has seen since breaking above $20,000.
One indicator is now forecasting an imminent pullback. If past history repeats itself, this indicator blink could suggest that a 38%+ retrace is imminent before BTC experiences exponential growth.
Bitcoin gains momentum, bulls target $30K
At the time of writing, Bitcoin is trading at $29,700, a chunk above where it has been trading all day.
The bulls are vying to push the price towards $30,000, but the selling pressure seems pretty intense here.
Breaking above this level will be key for BTC to see its next phase of parabolic growth.
One trader writes in a tweet that Bitcoin’s monthly momentum value is at levels it hasn’t seen in a long time. The last time it was this high, the cryptocurrency saw a rapid pullback that sent it tumbling 38% before seeing exponential growth.
„BTC Monthly Momentum Reading: something interesting I’ll watch out for (interesting, but not actionable on its own). The last and only time $BTC saw a monthly momentum reading this high, we saw a 38% retrace and intra-month recovery before it continued exponentially.“
The coming days should provide some serious insights into where the overall market is headed in the medium term.
If Bitcoin experiences a strong rejection at $30,000, it could trigger a pullback similar to that seen in past bull markets – only to see parabolic growth thereafter.