When This Signal Flashed In 2017, Bitcoin Gained 1,500%
Ki Young Ju, CEO of CryptoQuant, noted that Bitcoin is likely on the verge of a full-blown bull run as the mining ecosystem flashes a number of bull signals.
He shared the chart below on September 24th, noting that Bitcoin miners are suggesting that a bull run is around the corner. This same signal appeared in early 2017, preceding a parabolic surge.
If $BTC miners still drive the price, the next bull-run should be starting soon.
— Ki Young Ju (@ki_young_ju) September 24, 2020
MPI(Miner Position Index) has a very high hit rate in forecasting the bull/bear market when the macro factors like the stock market are not significant.https://t.co/9Go2JAOghJ pic.twitter.com/NikhLAKUcG
Should history rhyme, Bitcoin is on the verge of a parabolic rally that should bring it past the previous all-time high at $20,000.
Aside from pure on-chain data, analysts say that the fundamentals of Bitcoin are stronger than ever. This corroborates the expectations of the cryptocurrency market to undergo a strong rally to the upside.
Speaking on the fundamentals of BTC, Raoul Pal, CEO of Real Vision, recently stated:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”
Others like Pal have echoed this optimistic sentiment. They say that due to the vast amount of monetary stimulus amongst other geopolitical and monetary trends, BTC is primed to move higher.
Source: bitcoinist.com
