Crypto enthusiasts expected Bitcoin to pick up momentum in 2020 thanks to the asset’s block reward halving mechanism. At best, investors anticipated a repeat of the 2017 rally, but the law of diminishing returns made such a scenario an unlikely reality.
But instead, the current uptrend is now the second most powerful in the cryptocurrency’s history. Here’s what a technical trend strength measuring tool says about where Bitcoin could go from here.
Perfect Storm Economic Environment Fuels Unstoppable Cryptocurrency Momentum
Bitcoin is well known and even feared for its bubble effect. The asset has a reputation for wild volatility, rising thousands of percent in a single rally, only to retrace 80% of the entire swing.
Getting in ahead of an epic run can result in life-changing wealth, as investors who bought the blood on Black Thursday have learned as the new year arrived and Bitcoin shot above $40,000.
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