Bitcoin (BTC) May Start To Explode As Soon As This Weekend | Gold Parabolic Explosion Similarities

Many, in fact, say that the cryptocurrency is a “gold 2.0” contender, and will likely overtake the precious metal with time and a generational wealth shift.

Analyst CryptoHamster, who often makes use of historical charts to predict future movements, recently noted that Bitcoin’s price action over the past two-odd years looks gold’s chart in the early to mid-2000s. If historical precedent is followed and the Bitcoin industry is granted its first U.S.-based exchange-traded fund (ETF), Hamster expects for BTC to rally massively, potentially moving higher by 400% over the coming months and years. As seen below, this move could occur over the next year, and could result in BTC topping out at $30,000, then flatlining.

He notes that throughout the digital currency’s history as a tradable, liquid asset, buying when the RSI is around 30 and selling around 88 was wise. The four last times this indicator breached the latter level, meaning the asset was oversold, massive sell-offs were seen. In the most recent case, Bitcoin fell from $20,000 to $3,150, a collapse that many investors now cringe at. With the RSI reading now eerily inching above 88, Bizniz suggests that another dramatic decline may just be in the crypto market’s cards.

The Largest Financial Firms in the World Are Ready for The Next Bitcoin Bull Run

The last crypto hype bubble was highly publicized and showed the world just a glimpse of what potential Bitcoin and the rest of the cryptocurrency industry means for the future of money and finance. Related Reading | Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy” The emerging financial technology garnered the attention and support of most major businesses, who are just now starting to either develop or roll out their crypto-based products and services to clients, or investing in building platforms for future use cases.


 

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Mohsen Daemi
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