In 2020, when Bitcoin was around the $7,000 level, a metric had sent a significant bullish signal. This metric, often able to predict major market rallies in advance, is rekindling investors’ hopes.
The signal highlighted by popular cryptocurrency analyst CryptoCon comes from the Ichimoku Cloud indicator. In mid-2020, when Bitcoin was at the $7,000 level, a similar signal had emerged, and the following year, the price of Bitcoin had increased nearly tenfold. During the same period, altcoins also experienced price increases of hundreds or even thousands of times.
Ichimoku Cloud signals are rare and form on the weekly chart. This indicator, which has been successful in indicating correct buying points in the past, still signals that we are on the way for BTC.
In a post on November 27, CryptoCon stated that with Chikou breaking the resistance, the price would logically rush to new highs. He mentioned that the same signal had come two months earlier for the $38,000 level, which has already been reached.
CryptoCon says that $43,200 is actually the most conservative peak point. According to him, it’s more likely that we will see a real local peak at the $48,000 level. ETF decisions are also said to point to a potential rally target coinciding with January. Bloomberg experts, based on years of experience, give a 90% chance for an ETF approval by January 10.
