Bitcoin again gets support after it became clear that billionaire Peter Thiel has begun to build long positions in the crypto-lite. Founder Fund, the Thiel-based venture capital company has accumulated hundreds of millions of dollars in Bitcoin. As a result of these purchases, the fund has been able to "unlock" the new upward wave on the benchmark cipher. Many market entrants close to Thiel claim that he has begun to accumulate long positions in various crypto-lows since 2012. Over the past two days, BTC has risen by 15%, and technically the price has triggered a flagship formation in a rising trend - positive for Bitcoin. RSI (14) also gives a Long signal, crossing 50 from bottom to top. From Fibonacci's point of view, it seems that purchases of the last 5 price corrections to 50% of the last wave are a win-win strategy.
If we take into account the growth rates after these adjustments, their average yield is 237%. Such an increase of Fibonacci's recent 50% correction would have Bitcoin cost more than $ 30,000.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Bloomberg: Bitcoin Gains on Report Peter Thiel Makes Bet on Cryptocurrency
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