Bitcoin broke out of its sluggish blues by breaking the $9,000 mark for the first time in 13 months, earlier this week. With several analysts pegging the rise of Bitcoin to be a consequence of the Facebook Libra pump, a more wholesome look at the charts indicates a more consolidated rally, rather than a myopic push.
A recent piece of analysis by Josh Rager, a cryptocurrency analyst and advisor for Token Bacon and Level Invest, revealed that the Bitcoin market was primed for an upswing that will mirror previous bullish rallies of 2012 and 2016. Facebook might have been the catalyst to push the market out of the June slump, but Libra cannot prolong the high, and by the looks of it, the market is likely to march forward on its own.
The Super Guppy indicator which indicates trader behavior based on sets of moving averages, has flipped from red to green on the weekly Bitcoin chart, indicating a sustained bullish swing to the market. As mentioned previously, this is the third coming of the green-switch on the weekly BTC chart; the first two saw the price of the cryptocurrency surge to $1,000 and then to nearly $20,000.
Rager posited the historical price movements of the cryptocurrency based on the first two occasions of the Super Guppy indicator flipping green. With reference to the recent flip, he stated that the market is likely to be “bountiful,” for “the next few years,” given the manifestation of the “flip,” in the month of June 2019.
His full tweet read,
It’s finally here…
The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy
— Josh Rager 📈 (@Josh_Rager) June 18, 2019
The price of the top cryptocurrency in the market has been on a rollercoaster ride since the beginning of April 2019. With the breach of the 200-day Moving Average on April 2, Bitcoin’s price took a turn for the better, which according to Fundstrat’s Thomas Lee, was the key trigger to the bullish market. Further, the king coin’s “Golden Cross” was realized in April, something that had previously taken the coin to an unprecedented high in December 2017, before switching to a “Death Cross” last year.
At a time when the likes of Fidelity, Facebook, and JP Morgan are veering towards the cryptocurrency market on the big-name side and at time when Bitcoin is trading within the Golden Cross and its Super Guppy has flipped green, the price can only consolidate from this point on and move higher.
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