The Bitcoin price today chartered into positive territory after weeks of bearish action near $3,400. It rose close to 10% while clearing through a stubborn resistance area of $3,480-3,500.
A sudden spike is as incredible as it is scary. There are questions about its origins. Is it natural for an asset to wake from a bearish slumber and rise 10%? Now if that has happened, how severe would the next bearish correction be? And most importantly, how far BTC can extend its gains as it trends higher in its overbought territory?
A celebrated cryptocurrency analyst attempted to answer with his latest theory.
Adam-and-Eve Meets Bitcoin
GalaxyBTC, a Twitter-based cryptocurrency analyst with close to 47.8k followers, pitted the current bitcoin price action against a widely-used technical indicator called Adam-and-Eve. The page found that that BTC was following the technical indicator pattern almost too correctly, which means the price could go even higher from where it is right now.
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