HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Analyst: Key Signs Show There’s a “Good Chance” Bitcoin Is Fully Bullish

Bitcoin 2020/05/06 02:00 by Nick Chong
Since hitting $9,500 last week, Bitcoin has entered a consolidation pattern around $9,000. The cryptocurrency has traded between $8,700 and $9,200 for days, failing to decisively break out of this range. Some say this is indicative of a market top. Yet others believe Bitcoin is poised to rally even higher, citing technical signals. One analyst even said that considering a specific indicator, there’s a “good chance” BTC is fully bullish. Bitcoin Could Be Fully Bullish: Top Analyst Since the lows in March, Bitcoin has entered a very steep recovery. Just seven weeks after the worst cryptocurrency crash ever, and BTC is up well over 100%, recovering the bulk of the downturn. It’s a stunning reversal that has left many wondering if it’s a relief rally or a reversal into a bull run. This move could be the start of a full-blown bull trend, according to a top trader. Commenting to his Telegram channel in reference to the chart below, he wrote that “there is a good chance we are actually in full bull territory.” Chart from @ByzGeneral (Twitter) Although the name of the indicators used isn’t clear, the chart depicts two clearly positive signs for Bitcoin. Bitcoin has moved out of a buy zone. This is a trend that was last seen in December 2019 and April 2019. The bottom indicator recently saw a bullish crossover. The indicator last did this at the $7,000 bottom at the start of 2020. As this crossover just took place, it shows that BTC has room to rally. Adding to the positive technical confluence, a top trader says that the cryptocurrency has crossed above key levels: The yearly volume-weighted average price. The 200-day simple moving average. And the one-day Ichimoku Cloud. The Fundamentals Are Equally Bullish Also bullish are Bitcoin’s fundamental trends, which a top firm says will boost the cryptocurrency in the year ahead. In a research note on cryptocurrency published Thursday, David Grider said his firm is bullish on Bitcoin moving forward, specifically citing the halving as a positive catalyst: “We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after.” Grider is currently the lead digital strategist at Wall Street analysis firm Fundstrat Global Advisors. Co-founder of Fundstrat Tom Lee echoed the optimism. In a tweet, the analyst said that Bitcoin’s year-to-date performance proves that it is not only benefiting from the halving, but is also acting as a “solid risk-on asset and as a hedge against calamity”: “Bitcoin has acted extremely well. YTD, it is outperforming equities by a sizable margin. So proving itself both as a solid risk-on asset (look at today) and as a hedge vs calamity.” With governments printing trillions of dollars to boost the economy, it makes sense that a decentralized asset gains intrinsic value. Photo by Roman Nguyen on Unsplash

0 Like(s)



You should also read...

Bitcoin 10/12/19 13:00 by Nick Chong
Why There Remains a Case For a $4,200 Bitcoin (BTC) in 2020
Over the past few days, Bitcoin (BTC) has shown signs that the bottom is in. For instance, prominent trader Filb Filb noted in a recent newsletter that the cryptocurrency bounced off the “miner’s ...
Read More
Bitcoin 30/04/20 21:21 by Brenda Ngari
Bitcoin Has Outperformed All Other Major Asset Classes In 2020
On Wednesday, bitcoin bulls reawakened after the Fed promised to keep printing more money until the economy recuperates. The BTC price jumped by 13% from around $7,700 to over $8,750 within hours. To...
Read More
Altcoins 11/05/20 22:00 by Tony Spilotro
Bitcoin Dominance Exposes Altcoins To Bounce or Die Scenario
Over the last month, Bitcoin dominance has grown by nearly 3%. The climb has largely been driven by the asset’s block reward halving set for less than 24 hours from now. The latest move in BTC d...
Read More
Bitcoin 12/05/20 04:00 by Nick Chong
The Last Time This Happened, Bitcoin Rallied 150%. The Signal Just Returned
Bitcoin hasn’t done too well over the past few days. Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs...
Read More
Bitcoin 05/06/20 02:00 by Nick Chong
Bitcoin Rallied 300% Last Time This Signal Appeared. It Just Happened Again
After rallying as high as $10,400 earlier this week, Bitcoin plunged by nearly $2,000 in 24 hours on BitMEX. It was a move that liquidated over one hundred million worth of derivatives positions. Anal...
Read More