Bitcoin successfully maintains above $10000 mark for about more than straight 60 days.
The 200-Week Moving average of Bitcoin suggests current phase as a strong bitcoin buying time
Bitcoin Sets A Benchmark
Bitcoin currently, trending within a narrow range has managed to hold on above $10000 for straight 63 days breaking the previous record of 62 days. Earlier, Bitcoin had stuck above $10000 during the 2017 bitcoin bull rally.
Therefore it is speculated that Bitcoin can go to the moon by touching $20000 any week of 2020, but most of the analysts and followers believe it might halt touching $16000. However, the price maintaining above $10000 for such a long period points out for a possible bull chase in the coming days.
As Coinpedia reported earlier that, Bitcoin narrow swing is not impacting the investor as they foresee a strong bullish trend and also the other indicators like the 200 week MA too indicates the same.
Good Time To Buy Bitcoin!
Some of the analysts believe that there is not any good or bad time to buy bitcoin, but some of the indicators suggest a strong buying time going on. The current 200-week moving average, which comprises of the red and blue dots that signify good time to buy and sell bitcoin, suggests a good buying time right now.
bitcoin’s price has never fallen below the 200-week moving average, moreover, the chart suggests that the asset is sitting at an all-time high in price as foretold by Pomp.
Bitcoin price has been the core of interest for the crypto folks in the market. The digital asset is considered as the more trusted coin to be held by the majority of crypto space.
On the other hand, bitcoin’s scarcity with just 2.5 million coins has left the bitcoin community to stack up the coins as much as possible. Therefore, the crypto space is filled with enthusiasm to witness a major bitcoin breakout very soon.