Bitcoin Headed For A New All-Time High? Here's What This Indicator Says, According To Crypto Analyst
Portfolio Pulse from Rounak Jain
Crypto analyst TechDev predicts Bitcoin (BTC) may hit a new all-time high soon, based on the on-balance volume (OBV) indicator, which has historically signaled new peaks. The OBV is at new highs, and historically, a new all-time high followed within two months, with a top six to ten months later. The Vortex Indicator (VI) also shows bullish signals for Bitcoin. The anticipated Bitcoin ETF launch in early January 2024 and a 164% surge in Bitcoin's market cap in 2023, partly due to optimism over a potential US-approved Bitcoin ETF, are contributing to positive sentiment. BTC is currently trading at $43,616.73.
December 24, 2023 | 10:03 pm
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Bitcoin's OBV indicator suggests a potential new all-time high in the near term, with historical patterns indicating this could happen within two months. The anticipated Bitcoin ETF and a significant market cap increase contribute to a bullish outlook.
The OBV indicator has been a reliable predictor of Bitcoin's price peaks in the past, and its current levels suggest another peak may be imminent. The expected Bitcoin ETF and the substantial market cap growth further bolster the positive sentiment, likely leading to increased investor interest and potentially driving the price up in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100