Bitcoin crashed 38% when this signal last surfaced – now it’s back
Bitcoin has seen some turmoil lately, with the cryptocurrency’s price action greatly favoring the bulls. Each slump has resulted in aggressive buying pressures leading it to new all-time highs, with the ongoing bull market turning into a full parabolic ascent.
The cryptocurrency is rapidly approaching the $ 30,000 mark, which is a key brand that could prove to be a major hurdle for the cryptocurrency
One analyst has commented on the outlook for BTC, stating that medium-term development will largely depend on responding to a rapidly emerging trend.
The last time the indicator it is referring to lit up, the cryptocurrency saw a massive 38% regression before it was able to rebound and see exponential growth.
Bitcoin has been trapped in the clutches of a wild bull market for the past few months, and there are few signs that it is wearing off as the bulls continue to absorb pretty much every dip.
The cryptocurrency is rapidly approaching a key brand that has long been seen as a target for growth at $ 30,000. This could prove to be one of the strongest levels of resistance she has seen since breaking above $ 20,000.
An indicator now predicts an imminent setback. If the past repeats itself, this blinking indicator could indicate a 38% + retrace is imminent before BTC experiences exponential growth.
Bitcoin is gaining momentum, bulls targeting $ 30K
At the time of writing, Bitcoin is trading at $ 29,700. That is a bit above the price it has been trading at all last day.
The bulls are vying to push the price towards $ 30,000, but selling pressure seems to be quite intense here.
Breaking above this level will be key for BTC to experience its next phase of parabolic growth.
Indicator shows: BTC correction could be imminent
A trader wrote in a tweet that the monthly momentum value of Bitcoin is at a level he has not seen in a long time. The last time it was that high, the cryptocurrency saw a rapid retreat that staggered it down 38% before seeing exponential growth.
“BTC Monthly Momentum Reading: Something interesting to watch out for (interesting, but incapable of acting on its own). The last and only time $ BTC saw this high monthly momentum value, we saw a 38% retrace and rebound within the month before moving exponentially. „
The coming days should provide some serious insight into where the entire market will head over the medium term.
If Bitcoin sees a strong rejection at $ 30,000, it could trigger a retreat similar to what has been seen in past bull markets – only to see parabolic growth afterwards.