Bitcoin’s bullish crossover on the weekly chart is pulling the BTC price target of $ 225,000

Bitcoin (BTC) is rocking the market with its $ 50,000 holdings, however a bullish metric suggests a lot higher revenue potential.

TradingView’s knowledge now clearly exhibits that the weekly Moving Average Convergence / Divergence (MACD) indicator for BTC / USD has gone from crimson to inexperienced.

Is it time the BTC price went up 5.5x?

There’s no scarcity of bullish BTC price indicators this month, from inventory market balances to community fundamentals in bullish mode.

However, the MACD, which made a uncommon crossover in early August, additionally provides the potential for an upward transfer an order of magnitude bigger than what the market has seen up to now.

As Cointelegraph reported, the index is a dependable indicator used to find out the general efficiency of an asset, and Bitcoin is removed from an exception.

The final time there was a bullish crossover, BTC / USD noticed its price surge 5.5 instances – from $ 11,500 in October 2020 to an all-time excessive of $ 64,500 simply six months later.

If historical past repeats itself, Bitcoin might hit over $ 220,000 by the finish of the 12 months or early 2022.

Pomp is concentrating on Bitcoin’s new “header”

This is a forecast that beats much more optimistic estimates for the second half of 2021, together with PlanB’s “worst-case scenario” of $ 135,000 in December.

Related: New knowledge exhibits Bitcoin might see a “double bubble” excessive in BTC costs in 2021

However, the large names are definitely backing the rising development – to the level the place they proceed to interrupt data in mainstream media.

“I can’t repeat it enough – I think we’re going to see prices rise very quickly by the end of the year,” mentioned Anthony Pompliano, co-founder of Morgan Creek Digital. told CNBC Monday.

“In 2017, Bitcoin rose like a peak from $ 10,000 to $ 20,000 in 18 days – I wouldn’t be surprised if something like this happened before the end of the year.”

Bitcoin’s month-to-month returns are actually over 20%.