• Bitcoin (BTC) is flashing a bullish signal that has historically led to a 46% gain.
• Blockchain analytics firm IntoTheBlock warns that the same signal has also preceded 3 50% collapses.
• Litecoin (LTC) is attracting a lot of attention on social media ahead of its halving event in 76 days.
Bitcoin Flashing Bullish Signal
Bitcoin (BTC) is displaying a bullish signal that has previously triggered a 46% surge in price. According to blockchain analytics firm IntoTheBlock, when trading volume stays low for approximately 5 weeks, BTC soars up by about 46%. At the current rate, this could mean Bitcoin skyrocketing from its current value of $27,159 to more than $39,600.
Warning Comes With Signal
However, IntoTheBlock also warns that there have been 3 times when this same signal preceded a 50% collapse instead of gains. They note that 64% of Bitcoin holders are currently in the money while 33% are holding BTC at a loss and 69% have held their BTC stack for over one year.
Litecoin Attracting Attention
The firm’s analysts are also keeping an eye on peer-to-peer payments network Litecoin (LTC), which will soon be experiencing its halving event – when miner rewards get cut in half – within 76 days. They mention that LTC is seeing an increase in social chatter and discussion despite recent market uncertainty which could be considered as a good sign for the crypto asset’s future performance. At time of writing LTC trades at $91.48 with 0.4% losses during the last 24 hours.
Advice From Firm
IntoTheBlock advises investors to do their due diligence before making any high-risk investments in Bitcoin or other digital assets and reminds them to always be aware that their transfers and trades can be unpredictable and subject to market volatility risks .
Overall, while Bitcoin is flashing an encouraging signal for potential gains up ahead, IntoTheBlock suggests being mindful of the warning that comes with it as well as potential risks associated with investing in cryptocurrency markets .