Strong Indicators Suggest Bitcoin’s Price Will Shoot Higher Soon

Strong Indicators suggest that the bitcoin price will shoot even higher soon despite the recent price action being bearish. The decline in bitcoin’s price created a bullish signal on a key indicator which suggests that in the closer future, Bitcoin will return in its bullish state as we are reading now in the bitcoin price news.

The crypto trader CryptoHamster recently noted Bitcoin’s on-balance volume outlining strong indicators that ‘’uses volume flow to predict changes in stock price’’ which also prints a clear falling wedge pattern, marked by falling prices and a tightening range. In this case, the falling wedge seems extremely bullish and the Bitcoin-related on-balance volume reading rallying which only implies imminent continuation to the upside. The price of the asset doesn’t follow its on-balance volume as it is seen in the charts above and there’s also a massive surge in the indicator during the bitcoin price run-up from March to June in 2019. This means that the price of BTC may be on the verge of erupting even higher in the following weeks.

If there’s not a lot of credence given to the falling wedge seen in the on-balance volume for bitcoin, there’s a confluence of other indicators that suggest Bitcoin will return to a bull phase shortly.
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According to Willy Woo, there are indicators that track investor activity during the market cycles which show clear signs that Bitcoin is not in a bear market. Woo continued to say that the indicators suggest that BTC is in the midst of a re-accumulation phase of the bull markets that always proceed to blow off the rally which will bring Bitcoin higher than where it started.

The history repeating through Woo’s analysis means that Bitcoin will burst even higher by the second half of 2020 which also means that Bitcoin is set to a new all-time high a few months or a year after that. Another analyst called the decline to $6,000 price range a week ago and also suggests that Bitcoin will surge soon to 40 percent to pass $10,000 citing their idea that the benchmark crypto will form an Adam and Eve bottom in the current range before shooting higher to precede May’s block reward reduction.