By CCN: The bitcoin price surged as much as 7.60-percent on Friday to establish a new 2019 peak at $5,796.93. The uptrend pushed bitcoin’s year-to-date rally to an impressive 54.08-percent. At the same time, it brought the asset’s total recovery to an astounding 82-percent and set the cryptocurrency well on its way to a fresh record high.
Here are three factors that indicate the bitcoin price has not only found a bottom but is also well on its way to smashing through the $20,000 peak it set in late 2017.
Reason 1: Moving Averages Mimic Historical Pattern from 2015
Yesterday, Factor Trading author Peter Brandt suggested the bitcoin price could hit $19,800 in the future.
He backed his prediction using a weekly moving average indicator, noting that it was now trending below the bitcoin spot price.
The last time such a move took place was in November 2015 and preceded bitcoin’s triumphant march from $340 in 2015 to a whopping $19,800 in 2017.
— Peter Brandt (@PeterLBrandt) May 2, 2019
Robert Sluymer, a technical strategist at Wall Street strategy firm Fundstrat, also believes that bitcoin is pounding into a bull market.
The financial expert said the asset could initially go through a pullback towards its 200-weekly moving average following its most recent push toward $6,000.
But after that, it could enter a mammoth accumulation phase which, as supported by Fundstrat co-founder Thomas Lee, could push the price toward $20,000.
The latest jump also closed the bitcoin price above its 50-weekly moving average, as shown via the blue curve in the chart above.
The 50-WMA historically signaled a strong bullish bias whenever the price was trending above it. Bitcoin crashed below the 50-WMA in May 2018 during a…