Multiple analyses have shown that Bitcoin looks primed to see a macro rally despite the ongoing uncertainty and lack of volatility.
Related Reading: BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies
Bitcoin Looks Extremely Similar to the Start of Previous Macro Rallies
According to a cryptocurrency trader, the simple chart below explains why he is currently bullish on Bitcoin. It shows the asset’s macro price action with annotations of the halving and key cycle events.
In sharing the chart, the trader is suggesting that Bitcoin currently looks almost exactly like it did prior to 2013’s and 2017’s parabolic surges. Each previous surge brought the asset to a high that was effectively an order of magnitude higher than the last.
Should Bitcoin follow its historical path, it will see a strong breakout in the months ahead, then hit a new all-time high rapidly.
Macro BTC analysis by trader "Ethereum Jack" (@BTC_JackSparrow on Twitter). Chart from TradingView.com
This analyst’s chart was published shortly after Charles Edwards, a digital asset manager and a prominent technical indicator creator, shared a similar chart.
Around the same time, Edwards also noted that one of his indicators, the Hash Ribbons, just confirmed a macro buy signal. The Hash Ribbons are an indicator that derives signals from a short-term and long-term moving average of the hash rate of the Bitcoin network.
This is important for BTC because each of these signals has preceded extremely strong rallies in this nascent market. In fact, analysis by Edwards has found that each time the signal has appeared, Bitcoin has rallied by approximately 5,000% on average in the months/years that followed.
Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH
The S&P 500 Effect
Despite this, a move lower in the S&P 500 could put a stop to any rally that the abovementioned analyses suggest.
As analysts on Wall Street and in the…