Bitcoin has been in a wild bull market for the past few months. As the bulls continue to absorb just about every drop, a new sign of dips emerged.
As BTC approaches $ 30,000 and is about to step into the key level that has long been seen as a target. This level could be one of the strongest resistance levels it has seen since climbing above $ 20,000.
If history repeats, collapse could be on the way for Bitcoin
An indicator is currently predicting an imminent retracement. If the date repeats, the revelation of this indicator could indicate that more than 38% return is imminent before BTC sees exponential growth.
Bitcoin is currently trading at $ 29,300, up just over 1%.
The bulls compete to push the price to $ 30,000, but the selling pressure here seems to be pretty intense.
Moving above this level could be key for BTC to see the next phase of parabolic growth.
A trader stated in a recent tweet that Bitcoin’s Monthly Momentum Value is at levels not seen for quite some time.
When it was last this high, the crypto saw a rapid retracement and pulled down 38% just before exponential growth.
#BTC Monthly Momentum Reading
Something interesting that I'll be on guard for (interesting, but, not actionable by itself)
— Mr. Anderson (@TrueCrypto28) December 31, 2020
The next few days will provide some serious information on where the whole market will head in the medium term. If Bitcoin encounters a strong rejection at $ 30,000, it could trigger a reversal similar to those seen in past bull markets.