Bitcoin (BTC) has recently experienced a price decline due to a variety of factors with prices hovering around 20 percent below this year’s high. Some investors are worried that the trend will continue to trend bearish, but there is evidence to show the trend bullish next.
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Crypto analysts highlight the three-week chart Bitcoin similar to the conditions at the start bullrun previously in the 2015-2017 era, where BTC skyrocketed from hundreds to tens of thousands of US dollars. This positive sentiment is echoed by Wall Street investors who think Bitcoin is entering a parabolic growth trend.
The RSI indicator on Bitcoin’s three-week chart as well as the Exponential Moving Average is in a similar position as it started bullrun previous. If history repeats itself, then an exponential rally for the Bitcoin price will occur.
A top Wall Street investor agreed with the analysis and said an exponential rally was about to start.
Dan Tapiero, co-founder of DTAP Capital and Gold Bullion, said crypto assets are in a position to slide exponentially.
“Bitcoin’s long-term logarithmic chart predicts a 5 to 10-fold increase for bullrun this time, and just starting now. The timeframe can last several years because a consolidation of 2.5 years is a good foundation for rocketing upwards. If prices break their previous highs, there will be extraordinary growth, ”explained Tapiero.
Raoul Pal, a former Goldman Sachs investor, provided analysis Bitcoin could break US $ 100 thousand at bullrun next. [bitcoinist.com/ed]