The co-founders of the crypto analytics agency Glassnode suppose Bitcoin (BTC) may very well be primed for a parabolic rise if the highest digital asset repeats a selected sample.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic deal with on the social media platform X, draw consideration to the quote “Historical past doesn’t repeat itself, but it surely usually rhymes,” which is commonly attributed to Mark Twain.
Based on Happel and Allemann, Bitcoin appears poised to copy a sample witnessed over the past two bull markets as BTC creates a bull flag within the weekly chart.
“BTC has moved to the 6.618 Fibonacci extension after a bull flag correction. We’re at the moment in a small correction like in late 2017 and late 2020.
Will historical past rhyme in 2024 – and BTC transfer to its 6.618 Fib extension on this bull market? That might give us a goal of ~$120,000. Time will inform!”
Merchants use Fibonacci extensions in technical evaluation to estimate revenue targets and value pullbacks. They’re based mostly on Fibonacci ratios.
Bitcoin is buying and selling at $40,021 at time of writing. The highest-ranked crypto asset by market cap is down about 3% previously 24 hours.
The Glassnode co-founders additionally seem bullish on equities.
“Development following is a robust funding technique! Ask your self: ‘Why am I bearish equities in present technical setup?’ Nasdaq has simply surpassed former all-time highs. It’s above its three-month SMA [simple moving average] and its 12-month SMA. And [its] three-month SMA is above [its] 12-month SMA.
RSI (Relative Power Index) is at 66 (= robust momentum). MACD (transferring common convergence divergence) is bullish and rising. From a trend-following perspective…. why would I count on a crash right here?”
The RSI measures the value momentum of an asset on a scale of 0 to 100. A stage of 30 and under signifies oversold circumstances, whereas a studying of 70 and above suggests overbought circumstances.
In the meantime, the MACD is historically used to identify development reversals and ensure developments.
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