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Bitcoin has seen an immense rally over the past few weeks, rallying as high as $14,100.
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Bitcoin remains up 25% in the past two weeks.
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Analysts think that BTC is poised to rocket even higher in the weeks ahead despite a failure to establish $14,000 as support.
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The cryptocurrency’s 200-day moving average recently set a new all-time high after doing so in May or June of 2018.
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This bullish signal was last seen in 2016, prior to a rally of 2,000%.
Bitcoin Could Soon See Exponential Rally, Key Data Shows
Bitcoin has seen an immense rally over the past few weeks. Since bottoming at $9,800 in September, the leading cryptocurrency has thrust higher to $13,900 as of this article’s writing. The cryptocurrency has faced a large amount of volatility due to volatility in the price of the U.S. dollar due to the election.
Bitcoin remains up 25% in the past two weeks, which makes it one of the best-performing assets over that time frame.
Analysts think that BTC is poised to rocket even higher in the weeks ahead despite a failure to establish $14,000 as support. One crypto-asset analyst shared the chart below just recently, noting that the cryptocurrency has formed an extremely bullish signal.
The cryptocurrency’s 200-day moving average recently set a new all-time high after doing so in May or June of 2018. This was last seen prior to a number of exponential rallies, like that of 2013 onward and 2016 onward. Bitcoin rallied 2,400% from this signal to the last all-time high.
“BTC daily: Nail in the bear’s coffin? The 200 day MA has just made new ATH. Past 2 time this occurred there was no looking back.”
Top Macro Investors Expect Exponential Rally
This sentiment is surprisingly in line with what analysts think will take place.
Raoul Pal, CEO of Real Vision and a notable macro analyst, recently said that the leading cryptocurrency could surge to $100,000 and beyond this market cycle.
Pal commented that this is likely due to the institutional capital entering the Bitcoin space:
“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar, and there’s a lot of smart people working on it.”
The cryptocurrency could hit $1,000,000 in the coming decade, Pal says. This would give it a market capitalization above that of gold, which currently has a market capitalization of around $11 billion.