Bitcoin (BTC) Price to Repeat December 2017 Moves: Here's Why

News
Fri, 03/20/2020 - 11:48
Vladislav Sopov
The two-day Bitcoin (BTC) price rally that has erased the March 12 sell-off losses turned Crypto Twitter sentiment bullish. Some numbers speak for themselves.
Cover image via stock.adobe.com
Contents

Crypto Twitter analyst Ceteris Paribus claims that, based on data from top-level blockchain research team Messari Crypto, the ongoing surge doesn't look like a mediocre swing within a yo-yo market.

Blast from the past

According to Ceteris Paribus, it was the blessed days of December, 2017 when the Bitcoin (BTC) price demonstrated such rapid growth. Literally, March 20 is the second day in a row that the crypto king has excited its holders with double-digit gains.

According to numbers provided by Coingecko, in the period Ceteris Paribus mentioned, the price of the orange coin surged from $12,174 to $18,491 with more than 52% combined growth.

Image by Coingecko

However, for bulls to achieve this crucial milestone, Bitcoin (BTC) needs to close the daily candle above $6,802. At printing time it's trading at $6,700 on major spot exchanges after touching the $7,100 level in a one-minute candle.

Bulls breathless

It looks like 'halving' has been replaced with 'decoupling' as the main mantra of the bullish medium-term Bitcoin (BTC) narrative. This means that Bitcoin (BTC) simply needs to cease its correlation with major classic assets (stocks, oil, metals, etc.) to begin a new splendid rally.

Related
Bitcoin (BTC) Price Sees ‘Global Bullish Setup’. But There Is One 'If'.

Bitcoin (BTC) advocates considered it a hedge against market volatility, but it failed the test when the ongoing market crash hit. Additionally, some experts say that no asset is a safe haven in such a tremendous storm. 

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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