These 3 Factors Signal Bitcoin is Gearing Up to Make a Massive Push Higher

Thursday 17 September 2020, 8:30 AM AEST - 4 days ago

  • Bitcoin is currently the strongest major asset within the crypto market, expressing stability – and even bullishness – as its price trades just below the $11,000 region
  • Bulls have been building up BTCs momentum throughout the past few days, which comes as altcoins flash signs of weakness
  • This means that the ongoing uptrend may be coming about as a result of a flight to quality as investors flee smaller tokens
  • One trader is specifically pointing to a few crucial factors for insight into where the benchmark digital asset may trend next

Bitcoin has been climbing higher independent from the rest of the crypto market. The immense strength seen amongst most major and minor altcoins is beginning to fade, with this segment of the market posting intense losses throughout the past couple of days.

BTCs ability to surge as these other assets all lose value points to demand for quality and safety, although it is unclear what is driving the exodus from altcoins.

There are a few factors that one analyst is pointing to that bode well for Bitcoins near-term outlook, and even suggest that it may see significantly further upwards momentum in the near-term.

Bitcoin Rallies Towards $11,000 as Altcoins See Another Bloody Day of Trading

At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,915. This marks a notable upsurge from recent lows of $10,650 set at the bottom of yesterdays dip.

The uptrend seen by BTC throughout the past few days is unique because it has come about in the absence of any market-wide bullishness.

In fact, most major and small-cap altcoins have been witnessing intense turbulence as of late, which has opened the gates for a full reversal of the altseason seen throughout the past few months.

Analyst: These Factors Suggest BTC Will Push Even Higher

While speaking about the cryptocurrencys technical outlook, one trader noted three main reasons why this recent move has contributed to the digital asset ...

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