It seems that all odds are in bitcoin’s favor once again. The king of cryptocurrencies experienced an overnight surge to a new year-to-date high of around $9,610 while the Shanghai Composite Index plunged by 8.7 percent over fears of the rapidly spreading coronavirus. BTC has, however, pared all the gains to trade back at the $9,300 zone where it has been stalling for the past few days.
Regardless, an ultra-bullish indicator has flashed a long signal for the first time in almost a year, indicating that the dominant crypto-asset could soon go parabolic.
At press time, BTC is exchanging hands at $9,345.83 which is a notable rise from the lows of $9,200 seen last night. Still, analysts believe this slight upside move is a harbinger of an even bigger breakout in the near-term.
Crypto trader, analyst, and co-founder of Blockroot Josh Rager recently noted that Blockroots Alpha Trend has just printed a strong buy signal on bitcoin’s three-day chart. Rager explained that in the past, this signal has flashed on only two other occasions: in September 2016 before the December rally and in March 2019 before BTC raced to $13ks.
In other words, each time this signal has flashed long, a parabolic rally has ensued.