Key Bitcoin Indicator Signals Surge to $13,500 – BTC, XRP, Ethereum, Litecoin Market Update

By Daily Hodl Staff

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A key technical indicator suggests the price of Bitcoin could be poised for a 193% surge.

According to the market strategy and research firm Fundstrat, BTC’s recent rally above its 200-day moving average will remain one of the most crucial metrics to watch moving forward.

As reported by MarketWatch, Fundstrat analyzed Bitcoin’s average returns over a six-month period whenever the cryptocurrency traded above or below its 200-day moving average.

“Based on BTC’s trading history, a move above the 200D for BTC is meaningful statistically. When BTC is above its 200D, its win-ratio is 80% compared to a mere 36% when it is below its 200D. And 6M forward returns average 193% compared to a measly 10% when below its 200 [day moving average] – hence, being above the 200D is a big deal.”

Source: Fundstrat

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When Fundstrat released its report on Tuesday, Bitcoin’s 200-day was set at $4,620, which means a 193% rally would lift the price to about $13,500, a number not seen since January 15, 2018.

Right now, the crypto market is mostly in the red. Looking at the top three cryptocurrencies by market cap, Bitcoin is down 2.21% at $4,927; Ethereum is down 0.23% at $163.64; and XRP is up 5.16% at $0.3677.

Source: Coin360

Overall, technical analysts are offering mixed outlooks on the short-term prospects of Bitcoin, Ethereum, XRP and Litecoin.

Bitcoin

FXStreet – Upside momentum is fading away amid declining volatility

Blockonomi – Bitcoin currently consolidating in range for the next wave

Coinspeaker – BTC pullback unlikely to start now

Ethereum

FXStreet – Bulls need to break back above $160-170 or be punished

NewsBTC – ETH price holding uptrend support, can buyers bounce back?

Coinspeaker –ETH/USD price increase rejected at $178

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XRP