Bitcoin the most famous cryptocurrency in the world, which had been appeared in 2009 as a replacement for the traditional currencies system.
Since late 2015 and Bitcoin become a strong investment for most people, until Dec 2017, where Bitcoin collapse more than 85% from the highest price.
Most of the people think that Bitcoin collapse happened because of what they call it BTC bubble.
But we BorseClub have a different vision;
- BTC becomes part of the global financial market.
- Margin trade gives BTC a good opportunity to engage with real currency markets.
- The future contract makes a Bitcoin BTC high-risk asset.
- Bitcoin starts to be an investment option for many banks and hedge funds.
- Blockchain becomes one of the most important networks all around the world.
So how the above points will affect Bitcoin?
- From the first analysis of this series, we explained how Dow Jones and S&P500 could create a new rally.
- A second analysis from this series, we explained also how Gold will start deep correction along with a decline in VIX indicator to show that the market will start the calm for a while.
From the above points, we can see that the high-risk market will start a rally soon.
Therefore, Bitcoin BTC will start the rally as it is one of the most important high-risk investment.
From the chart below you can notice 4 critical points:
- The cryptocurrency giant is trying to stay above the major trend line.
- Bitcoin had been rebounded from 100 Moving Average.
- RSI is around 56 point.
- BTC will activate flag pattern on the daily timeframe.
If bitcoin managed to stay above $12,000 and all other analysis of Gold, VIX, US30, and SPX moved like what we explained before then;
It will be a very good opportunity for BTC to hit $23,000 during Sep and Oct.
To review the previous parts please click here