TOP 6 factors indicating continued growth in the price of BTC

On Wednesday, Bitcoin (BTC) continued to move above the $11,000 level. Amid the growth realized by the coin, participantscrypto communities discussed the specifics of the current state of the cryptocurrency and presented 6 reasons why a digital asset, in their opinion, will continue to rise in price.

Statistics indicate the prospect of further growth in the BTC rate

The Capriole Fund Manager Jan Yuytenhout (JanUytenhout) drew attention to one feature of the BTC movement. In most cases, after the cryptocurrency rate has risen for 6 days, the coin often continues to rise in price next week. On average, in 7 days, according to his calculations, the price of bitcoin increases by another 8%.

The power of momentum.

74% of the times #Bitcoin went up 6 days in a row, it kept going up, with an average of 8 +% more in the week following.

Tonight, the 6th green daily candle closes… pic.twitter.com/j4ExddznVF

- Jan Uytenhout (@uytjan) October 12, 2020

Analysis on the S2F-model confirms the exit of bitcoin in the phase of active growth

A popular analyst in the crypto community,the author of the S2F model for forecasting the behavior of the cryptocurrency price PlanB noted signals for BTC to enter further growth. This, the expert is sure, is evidenced by the indicators of the system he developed for predicting movements in the Bitcoin exchange rate.

Let us recall that the S2F forecasting model takes into accountthe ratio of the number of BTC already mined to the volume of cryptocurrency that will only be mined. The calculations include market changes against the background of halvings and the history of the coin’s price behavior. The phases of Bitcoin movement on the S2F forecasting model are displayed in different colors. Red signals that the cryptocurrency is on the rise. Each stage is indicated by a number of dots.

“Another red dot is higher than the previous ones. The coin goes into active growth ", - wrote PlanB in his microblog.

? Current red dot higher than all other red dots .. when the bull began his run (? Sound on!) Pic.twitter.com/579Mv1jreG

- PlanB (@ 100trillionUSD) October 12, 2020

Bitcoin will be supported by private investors

Unfolded analysts drew attention to the declinethe number of bitcoin whales (investors with at least 1,000 BTC in their accounts). During such periods, according to the observations of experts, the interest in cryptocurrencies from retail investors is increasing. Such changes, the Unfolded team noted, often lead to the beginning of a "move to the top of the market."

Historically, the start of a decline in the number of $ BTC whales has often signified increased interest from retail investors and the beginning of a run up to a market top

via @glassnode pic.twitter.com/FU0W085SoE

- unfolded. (@cryptounfolded) October 13, 2020

Bitcoin chart technical analysis points to growth prospects

A popular trader in the crypto community, blogging under the nickname The Wolf Of All Streets, drew attention to the positive signals that can be traced on the cryptocurrency chart.

$BTC

Close enough. pic.twitter.com/v3eXMzNbWy

- The Wolf Of All Streets (@scottmelker) October 12, 2020

The history of bitcoin exits in a positive movement repeats

Popular trading analyst Lark Davis noted,that the bitcoin rate has broken through the curve, which displays the average value of the coin's value over the last 50 days. Historically, such a movement of the cryptocurrency, the expert noted, leads to its growth, on average, by 42%. This time, according to Lark Davis, history may repeat itself.

“$ 15,500 is Bitcoin's target at the end of November,” he wrote on his microblog.

The last three times #bitcoin crossed the 50 day moving average it resulted in an average rally of 42%! History could be about to repeat! $ 15,500 late November target. pic.twitter.com/3hk24pZoKM

- Lark Davis (@TheCryptoLark) October 13, 2020

The BTC rate will be able to go into a positive movement following the growth of buyers' activity

Analyst Willie Wu drew attention to the ratioactivity of bitcoin buyers to indicators of cryptocurrency capitalization. The indicator dropped to the level that was last recorded in the spring of 2020 - during the collapse of the digital asset market.

According to Willie Wu, achievement byof a local minimum, against the background of a positive trend, indicates the possibility of the growth of the cryptocurrency rate. The interest of buyers, who, according to the analyst, may come to the market in the near future, will help bitcoin in this.

NVT Ratio, measures Bitcoin's ratio of investor activity to capitalization. I first described it as Bitcoin's equivalent of a PE Ratio.

Presently NVT is at undervaluation levels equivalent to the COVID19 white swan price bottom. Very bullish. pic.twitter.com/kvE1u7QABV

- Willy Woo (@woonomic) October 13, 2020

For an expert comparison of investments in bitcoin with gold, dollars and stocks, read a separate article.