The last time the weekly MACD flipped into positive zone, it provided 450 percent six-month gains.
Bitcoin (BTC) is surprising the market by maintaining $50,000, but a bullish measure indicates far higher potential gains.
Data from TradingView now clearly shows that the weekly moving average convergence/ divergence (MACD) indicator for BTC/USD has flipped from red to green.
Time for another 5.5X BTC price surge?
There is no shortage of bullish BTC price indicators this month, with everything from exchange balances to network fundamentals infirmly optimistic mode.
Despite the fact that MACD achieved an unusual crossover earlier in August, the potential for future gains to be orders of magnitude greater than what the market has seen thus far remains.
According to Cointelegraph, the metric is a solid indication used to identify the overall trajectory of an asset, and Bitcoin has been no exception thus far.
BTC/USD experienced a 5.5X price rise the last time a bullish crossover occurred, rising from $11,500 in October 2020 to all-time highs of $64,500 just six months later.
If history repeats itself, Bitcoin might be worth more than $220,000 by the end of the year or in early 2022.
Pomp sets sights on new Bitcoin “blow-off top”
It outperforms even the most bullish projections for the second half of 2021, such as stock-to-flow creator PlanB’s “worst-case scenario” of $135,000 in December.
Nonetheless, well-known people are strongly in favour of the upside continuing – to the degree that they continue to speak out in the mainstream media.
“I can’t reiterate it enough — I think that we’re going to see very, very fast price appreciation through the end of this year,” Morgan Creek Digital co-founder Anthony Pompliano told CNBC Monday.
“In 2017, Bitcoin went from $10,000 to $20,000 in 18 days as a blow-off top — it would not surprise me to see something crazy like that happen before the end of the year.”
Bitcoin’s month-to-date returns currently stand at over 20%.