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Momentum indicator gives hope for a "massive jump" from Bitcoin


 

The reliable indicator is in line with other metrics that predict Bitcoin will soon be on a new high.


Bitcoin ( BTC ) could soon make a "massive leap up" again if a similar constellation arises in the next few days as before the big record run of 2021.


On December 16, crypto analyst Matthew Hyland pointed out the corresponding indicator, Bitcoin Momentum, on Twitter .


Momentum indicator suggests an upswing

Although Bitcoin is still below 50,000 US dollars, the market-leading crypto currency was able to free itself from a downtrend of several months, at least with regard to the momentum indicator.


The key figure has already achieved this twice this year, after which a considerable upswing followed each time for BTC / USD.


"The last two times this year, when the indicator was able to break away from a downtrend lasting several months, there was a massive jump upwards afterwards," as Hyland transfers the situation at the time to the current situation.


Even if no guarantee of an upswing can be derived from this, the indicator is nonetheless in line with a number of current key figures that give hope for imminent gains.



However, Hyland is known for its particularly optimistic price forecasts , as only last month he caused a sensation when he announced a price target of 250,000 US dollars for January 2022.


He sees his latest thesis confirmed by the fact that Bitcoin's Relative Strength Index (RSI) also behaves similarly to that in September, when it bottomed out, followed by a record run of up to 69,000 US dollars.


Dollar does not bring an upturn

The Bitcoin exchange rate, on the other hand, remains rather subdued, with BTC remaining at 49,000 US dollars on December 15, although the US dollar has recently lost noticeably. So its weakness could not be turned around.



The US dollar index (DXY), which compares the US dollar with other national currencies, has now declined again after the sustained soaring in recent weeks.


There is usually an inverse correlation between BTC and DXY, but this time the crypto leader failed to capitalize on it.

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