Key Bitcoin Indicator Signals Surge to $13500

08.04.2019 / 11:03

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A key technical indicator suggests the price of Bitcoin could be poised for a 193% surge.

According to the market strategy and research firm Fundstrat, BTC’s recent rally above its 200-day moving average will remain one of the most crucial metrics to watch moving forward.

As reported by MarketWatch, Fundstrat analyzed Bitcoin’s average returns over a six-month period whenever the cryptocurrency traded above or below its 200-day moving average.

“Based on BTC’s trading history, a move above the 200D for BTC is meaningful statistically. When BTC is above its 200D, its win-ratio is 80% compared to a mere 36% when it is below its 200D. And 6M forward returns average 193% compared to a measly 10% when below its 200 [day moving average] – hence, being above the 200D is a big deal.”

When Fundstrat released its report on Tuesday, Bitcoin’s 200-day was set at $4,620, which means a 193% rally would lift the price to about $13,500, a number not seen since January 15, 2018.

Trader Georgi Bozhidarov

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Key Bitcoin Indicator Signals Surge to $13500

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