Chart Shows Average Bitcoin Weekly Bullish Engulfing Candle Leads To 40% Gains

Bitcoin returns may be coming sooner than initially thought.

Long-term predictions about the profitability of the cryptocurrency have been given in length, yet there is the possibility of Bitcoin being highly profitable in the short-term, as high as 40%.

The latest prediction is informed by the analysis of the average Bitcoin weekly engulfing candle. From previous trends, it is possible that in the next five weeks, Bitcoin may increase in value by averagely 21%.

Here's a look at the previous weekly bullish engulfing candles on $BTC pic.twitter.com/HcARpirxJf

— ₿itDealer (@Bitdealer_) October 29, 2019

If the Previous History Stays Correct, Bitcoin Could Further Surge

The chart shows indicate that Bitcoin is already performing better than expected. This can be attributed to the recent surge in price Bitcoin experienced. Bitcoin could quickly get to $10,000 in the coming weeks, which would align with the engulfing candle prediction.

Source: CoinMarketCap

Currently, above $9,500, a 21% increase in Bitcoin’s price seems logical in the short-term. It may even be more based on prevailing market factors such as the positive comments on blockchain by Xi Jinping.

21% would get Bitcoin to the $11,000 region, which it has achieved in the recent past.

Furthermore, the prediction seems to align itself with other Bitcoin price predictions. Long-term traders are waiting for the next wave, which could see Bitcoin attract $50,000+.

The Digital Revolution

China’s leader XI Jinping created such as buzz when he suggested improving blockchain technology. His statements saw blockchain-related tokens increase in value significantly.

The attention digital currencies and blockchain technology has been getting will spill over to Bitcoin as it is still the most widely known and preferred digital currency.

Bitcoin is strategically placed to be part of the digital revolution; thus, it may even be possible that the engulfing candle analysis and conclusion is conservative.

Featured Image Source: Reddit (flamingboard)