Bitcoin Price on the Cusp of Bullish Breakout as US Stocks Inch Closer to Record Highs

Libra Coin News
Fri, 09/13/2019 - 15:03
Alex Dovbnya
With the Dow Jones and S&P 500 moving closer to carving out fresh ATHs, Bitcoin could soon follow suit
Cover image via www.123rf.com
Contents

According to technical analyst Omkar Godbole, BTC is on the verge of a major upward move that could send its price to nearly $11,000 in the coming days based on a confluence of technical indicators. This might coincide with the Dow and S&P 500 reaching new highs.

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All eyes on the great triangle

BTC is currently inching closer to the resolution of the great descending triangle, and there is a great probability that it will break upwards given (this pattern has a high failure rate). Unlike December 2017, this is only the beginning of another bull run.

According to data provided by Coin Stats, the Bitcoin price is sitting at $10,328 with a tiny 0.66 percent dip over the last 24 hours. Its dominance has once again risen above the psychologically important 70 percent mark yet again.

Image by coinstats.app

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Moving in tandem with US stocks

Meanwhile, the Dow and S&P 500 are currently within striking distance of their respective record highs. The stocks rallied on the news about trade deal talks between the US and China.

As reported by U.Today, Fundstrat’s Tom Lee predicted that Bitcoin will print a new ATH only after the S&P 500. Lee suggested that Bitcoin had become ambidextrous, meaning that it can perform well both in risk-on and risk-off environments.

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Upping the ante

Speaking of the long-term picture, PlanB, the anonymous analyst, who famously applied stock-to-flow to the Bitcoin price, insists that the crypto king is going to hit new highs.

He has recently addressed the power-law growth models, claiming that they tend to predict lower prices.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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