{"id":95431,"date":"2020-10-22T22:29:34","date_gmt":"2020-10-22T19:29:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run\/"},"modified":"2020-10-22T22:29:34","modified_gmt":"2020-10-22T19:29:34","slug":"top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run\/","title":{"rendered":"# Top traders say Bitcoin log chart points to a 2017-style BTC bull run"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a950085ee9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a950085ee9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run\/#Raoul_Pal_focuses_on_the_Bitcoin_log_chart\" >Raoul Pal focuses on the Bitcoin log chart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run\/#Q4_2020_may_end_on_a_positive_note\" >Q4 2020 may end on a positive note<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Top traders say Bitcoin log chart points to a 2017-style BTC bull run   <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Peter Brandt, a well-regarded veteran trader, recently emphasized the high demand from institutions as a key catalyst for Bitcoin&#8217;s strong performance. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/53f84ded-d0ea-4395-a6cb-5300361b496a.png\"\/><figcaption style=\"text-align: center;\">BTC\/USD 1-month chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\">TradingView<\/a><\/figcaption><\/figure>\n<p>The strong high time frame technical structure of BTC, especially the weekly chart, and the strengthening fundamentals are buoying the market sentiment. In a tweet, Brandt posted the above chart and\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1319024528119517184?s=20\">said<\/a>:<\/p>\n<blockquote><p>\u201cBitcoin\u2014IF the current gains hold through end of Oct\u2014is poised for the second-highest monthly close ever. $BTC Institutions are increasingly involved in Bitcoin ownership. Institutions mark the value of their assets monthly.\u201d<\/p><\/blockquote>\n<p>In addition to the rise in trading volume and growing institutional <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite, investors are referring to the logarithmic chart to forecast a broader rally.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Raoul_Pal_focuses_on_the_Bitcoin_log_chart\"><\/span>Raoul Pal focuses on the Bitcoin log chart<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The log price chart is the most widely used scale by most technical analysts. A logarithmic chart simply means a chart that represents common percent changes with equal spacing in a scale.<\/p>\n<p>Raoul Pal, the founder and CEO of Real Vision Group, says Bitcoin&#8217;s monthly log chart is highly optimistic. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1318927254718644225?s=20\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cIts a bitcoin kind of day. The monthly log chart with regression lines is really something to behold. One of the nicest, post powerful chart patterns I&#8217;ve ever seen.\u201d<\/p><\/blockquote>\n<p>The technical reason behind the optimism towards the monthly log chart is mainly its clean breakout. Throughout the past four years, $13,000 has acted as a heavy resistance level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/b8a7c544-9e7f-4a6f-9d49-8c5fb692a318.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>The historical log chart of Bitcoin. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1318927254718644225?s=20\">Raoul Pal<\/a><\/em><\/figcaption><\/figure>\n<p>As such, on high time frame charts, like the weekly and the monthly chart, BTC always closed below $11,000, except for 2020.<\/p>\n<p>Bitcoin&#8217;s clean technical breakout on the monthly timeframe is leading traders and investors like Brandt and Pal to make strong bullish calls on BTC&#8217;s price action. As Pal said, \u201cif history rhymes, 2021 is going to be a BIG year.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/7e9a6594-349b-48f6-a027-112f11bed036.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-month chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\">TradingView.com<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Q4_2020_may_end_on_a_positive_note\"><\/span>Q4 2020 may end on a positive note<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Apart from the numerous bullish technical and fundamental catalysts, the timing of the current rally is also in favor of a major Bitcoin bull cycle.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/adc68468-4237-4ef0-9e7b-d27e96793c5b.png\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin quarterly returns in percentage. Source: Skew<\/em><\/figcaption><\/figure>\n<p>According to <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/skewdotcom\/status\/1307974782030417921\/photo\/1\">data from Skew<\/a>, Bitcoin had not had three positive consecutive quarters since 2017. During that year, BTC reached its all-time high at $20,000 following its second block reward halving in 2016.<\/p>\n<p>Bitcoin could possibly be on track to record a massively positive gain in the fourth quarter if it stays above $12,000. If so, that could lead to the same bull cycle pattern as 2017. Next year would also present the same post-halving cycle BTC saw in 2017, which further strengthens the narrative of a newfound bull cycle.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/top-traders-say-bitcoin-log-chart-points-to-a-2017-style-btc-bull-run\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Top traders say Bitcoin log chart points to a 2017-style BTC bull run &#8221; Peter Brandt, a well-regarded veteran trader, recently emphasized the high demand from institutions as a key catalyst for Bitcoin&#8217;s strong performance. BTC\/USD 1-month chart. Source: TradingView The strong high time frame technical structure of BTC, especially the weekly chart, and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":95432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/c5d0a08a-0b22-4873-a94e-7c4b3b7d0b9e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,73785],"class_list":["post-95431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=95431"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/95432"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=95431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=95431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=95431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}